What really makes a difference while finding suppliers for products? For a moment, you might think that suppliers offering the best price are the ones you should go for. However, price can never be the only criteria that can help you decide on this aspect. Think of your supplier as long-term partnerships where concentrating only on the cost will hurt your business down the line.
- What happens when the product quality and safety is compromised?
- What would you do if the products are delivered late?
- How would it affect your brand image if you find out about unethical practices on the suppliers’ end?
You might save on a few dollars but how will these concerns be addressed going forward. Let’s look at some ways to find global suppliers and solutions for importers.
Look for Certified Suppliers as per your Quality Standards
B2B buyers, while evaluating suppliers, give substantial weightage to quality certifications. A survey by Thomas Network reveals that on a scale of 1-5, buyers gave a score of 3.9 to Quality certifications. It’s important to note that suppliers often do not make it very easy to check their certifications and verify them. You must make sure that the suppliers you plan on getting aboard are certified to your quality standards.
Analyze the Geo-Political Climate & Weather Conditions
The success of any supply chain is dependent on various factors such as, civil or political unrest, trade war, harsh weather conditions, and so on. Any disturbances in the geo-political climate or weather can obstruct the supply chain and leave you without your products. That’s certainly not a good sign and assessing the environment from where your product is being sourced, becomes extremely crucial.
Research trade data intelligence for Suppliers Online
In the present times, where almost every piece of information is available online, you must explore the various platforms providing trade data intelligence for suppliers online. In the click of a few buttons, you will not only get access to data that was once unavailable, but you will also be able to monitor the various dynamics affecting trade.
Understand the Financial Risks
Before you invest in building a potential collaboration with suppliers, it’s important to understand their financial stability. As a buyer or importer, you wouldn’t want to be in a position where your supplier has suddenly went out of business. Various reports have put a spotlight on this concern and there’s no reason to take it lightly.
Know the Flexibility and Scalability of Suppliers
If today you are sourcing a product in a small quantity but tomorrow your demands increase and you want the same product in a larger quantity, your supplier should be capable of meeting your demands. This would also depend on the type of product. So, it is suggested that before selecting your supplier, check the growth pattern of the product and assess who best fits the criteria.
Approval from your Network References
Since credibility of suppliers goes a long way, check within your network, who has some good words to put in for your potential suppliers. Great work speaks volumes and people do not usually shy away from appreciating supplier who have earned a reputation in the market. The track record will help you determine the way forward.
Evaluate Commitment to Client Service
If you hope for the best, prepare for the worst, and stay unsurprised by anything in between, you are on to the right track. In business, extremes can sometimes leave people in a state of confusion and shock. And this is why, you need to evaluate how committed your potential suppliers are to you.
Put a case in point where the situation gets messy and complicated, and research how would the supplier respond. Furthermore, the language of the contract should be clear about terms and conditions such as the return policy. Everything counts, so make that matter.
Find Global Suppliers whom You Can Trust
Well, these are not the only benchmarks but some important ones, that you must take into consideration while selecting supplier for your business. Once you start thinking of your suppliers as long-term partners, you eventually begin to find both aspects – bright and grey and the solution lies in choosing wisely.
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