How To Find Additional Suppliers and Grow Your Business

How To Find Additional Suppliers and Grow Your Business
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Finding additional suppliers can help you grow your business by reducing costs, increasing product quality, and improving customer service.

When your business is just starting out, it’s common to rely on just a few suppliers. Some companies pick a single large supplier because they perceive them to be the most reliable and cost-effective option. But as your business progresses, you should start thinking about diversifying your supply chain. Just like you wouldn’t want your business revenues to depend on a single or a few customers, it can be beneficial for your business not to rely on a single supplier.

Finding additional suppliers can help you grow your business by reducing costs, increasing product quality, and improving customer service. These advantages are especially significant if you do business both locally and internationally.

Here are some tips for finding additional suppliers:

Research the Market

Market research involves gathering data about the current supplier landscape and analyzing it to determine which companies best suit your business needs. This might include researching their product offerings, looking into reviews from other customers, or examining their pricing structures and policies.

With diligent research, you can gain a better understanding of who should be considered potential suppliers for your company. Researching the market can also reveal any changes in industry trends that may affect how you source materials or services from different vendors.

Network with Other Businesses

Networking with businesses who import and export in your industry can be an excellent way to find new suppliers. By building relationships and exchanging information, you can identify new suppliers of products or services that fit your business’s needs. You may also gain advice from experienced professionals on how to approach negotiations with different vendors.

Networking events often provide access to a larger pool of potential vendors than what is available through traditional supplier searches. For instance, trade shows and conferences can give you an opportunity to meet with suppliers who may not be well known but have the products or services you need.

Evaluate the Geopolitical Climate

Reviewing the geopolitical climate is important to assess any risks associated with doing business in a particular region.

You may be tempted to get overseas suppliers that offer very competitive prices, but you need to consider the potential political and economic risks in the country of origin. For example, a supplier’s country may be subject to currency fluctuations or trade disputes, leading to unexpected price increases or extended delivery times.

Geopolitical risk can extend beyond pricing and shipping issues – for instance, civil unrest or sanctions imposed by other countries could make it difficult for your company to do business with that supplier.

Use Online Platforms

There are many online platforms that enable you to find reliable suppliers, such as Alibaba, Global Sources, and ThomasNet, among many others. These sites provide detailed information about different companies, so you can compare pricing, terms of service, product quality, delivery times, and more before deciding which supplier to use.

Work With the Right Freight Forwarder

Working with a freight forwarder can make the sourcing process more efficient because of the various services they provide.

When choosing a freight forwarder, look for one that offers:

  • Digital services, such as instant quoting, booking, and tracking;
  • Customs clearance;
  • Transparent shipping quotes and flexible payment terms; and
  • Reliable customer support.

This streamlines the sourcing process so that you can quickly identify potential suppliers and get goods to market faster.

In short, working with a reliable freight forwarder is essential in helping you quickly source new suppliers while decreasing costs associated with shipping products abroad.

 

Our team at Ship4wd is composed of logistics and shipping experts who are dedicated to helping small and mid-sized businesses get the most out of their shipping processes. With Ship4wd, small and mid-sized businesses can be sure that their goods will be delivered, allowing business owners to focus on growing their business.

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