Supplier License Lookup: Global Sourcing in Coronavirus
“Of course, change requires change. Until there is a felt need for change,
it is only an event not a pattern”
2020 has been a hard year for both Businesses and Individuals. And Global Sourcing is one of those Businesses. This pandemic has affected all aspects of our lives. The way we interact, the way we meet, the way we purchase, and especially the way we travel. It has not just changed but we can say it has stopped us from traveling to another country, even to another city. This is a very alarming condition for businesses that have to deal with international suppliers. Coronavirus made it very difficult for a business to choose authentic and trustworthy suppliers.
COVID-19 has shown us the risks of Sole Sourcing. During this pandemic relying on one supplier may result in unfavorable outcomes due to the restriction imposed by countries all around the world. To cope with this problem, the business should always have multiple suppliers or must have contact with other suppliers as well. But it doesn’t seem to be an easy task in this situation. Interviewing multiple suppliers, and visiting those suppliers is not what we can comfortably do during this pandemic. It will costly as well as time-consuming, not to mention the risk of traveling from one country to another.
With the evolution of technology, it is becoming new normal to do everything digitally available. One must adopt this new norm in order to be on the safe side. It not only helps us stay unaffected by this pandemic, but it is also a good source for saving time and money.
Supplier Investigation and License lookup
If you are one of those businesses who are facing the problem of supplier selection during these hard times, we can assist you in finding and curating the factories according to your requirements and target price. But if you have already decided about a supplier to work with, you can use our Verification Plan to verify the license of your supplier and Investigate their activities.
Points to consider while Sourcing Globally
These are some of the points that must be considered for the complete investigation of your potential partner. It includes but not limited to:
It is a very vital part of choosing a partner. If your partner’s business is not registered it legally doesn’t exist and is not recognized by any law. A registered business will make you confident in decisions. You can use License Lookup Service to be confident about your suppliers.
Shareholders are the owners of the company. It is they who provide financial backing to the company. So, it is important to look at the way they treat and Manage their Shareholders. If your Suppliers are not managing their shareholders properly, it might impact the proficiency of the business of your partner and ultimately your business will be affected.
It includes everything your partners do from financing to Operating. They are the core objectives to be monitored to see the way they perform their businesses for you so that you can breathe a sigh of relief.
Financial information is the best information to look at when you are deciding to choose a partner. It includes information like Balance sheets, income statements, statements of shareholder’s equity, and more. It shows us where the company is standing right now, its health, its ability to sustain, its ability to grow, and most importantly its ability to work with you.
It is important to know about your partner’s past as well. You can’t be at ease if your partner turns out to be someone with a bad lawsuit record. In this part of the investigation, you must look at your partner’s History regarding Litigation.
Is your partner able to pay back all of its debts on time? Is there any chance of your Partner defaulting? In this section, you must try to find the answers to these queries related to the Credit risks of your Supplier. So that you can get a complete picture of what is the condition of your supplier and how their future looks like.
Accelerate Your Global Sourcing Process with
You don’t have to do the robotic task of contacting suppliers and collecting dozens of quotations by yourself. You can utilize your precious time in doing some productive work for your business. We are here to manage this for you with our License Lookup and other services.
So, you found a supplier, great! Is this supplier worthy of working with you? Is this business registered? How do they perform their operation? How is it performing? What is going to happen to this supplier after one year? We are here to find the answers to these questions.
We know the importance of talking to the supplier and visiting the factory. However, it doesn’t seem to be an easy task to do during these times. And it is not affordable for every business to travel all the way to Asia just to visit the Factory. What if you can visit the factory from the premises of your office or home? Sound good! We are here to take you on a virtual visit to your supplier.