In the awards and gifts importing business, one of the biggest concerns is working with a supplier who shuts down suddenly. This can leave you in the lurch, without the products you need to fill orders or meet deadlines. So how can you avoid this situation? By doing your homework upfront, you can protect yourself (and your business) from supplier problems down the road.
Do your research
When you’re looking for a new supplier, it’s important to do your research and make sure that they are a reputable company. There are a few ways to do this:
-Check online reviews: A quick Google search will reveal any negative reviews or news stories about a company.
-Talk to other businesses in your industry: If you know of other businesses who use the same supplier, reach out and ask if they have had any issues.
Get everything in writing
Once you’ve found a supplier that you’re happy with, it’s important to get everything in writing. This includes the terms of your agreement, as well as the contact information for the person you’ll be working with. This will help to avoid any confusion or miscommunication down the road.
Make sure you’re covered financially
If something does happen and your supplier does shut down suddenly, you want to make sure that you’re covered financially. This means having a backup plan in place, such as another supplier lined up, or enough cash on hand to cover any unexpected costs.
Keep an eye on red flags
Even if everything seems to be going well, it’s important to keep an eye out for any red flags that could indicate trouble down the road. This includes things like late payments, missed deadlines, or sudden changes in policy. If you notice any of these red flags, it’s best to address them immediately.
Pay attention on their business activities
Keep close relationship with contact or sales representatives is really important on international business relationship.
Most of time,suppliers will keep in touch with you well,their will update catalogue,price,company news and festival greetings regularly or irregularly. While if this company is facing shutdown issue, they may not contact you anymore. If there is a long time not hearing anything from them,no update on their website,social media pages, be sensitive, Email them or call them without hesitation.
Have a contingency plan
No matter how well you prepare, there’s always a possibility that something could go wrong. That’s why it’s important to have a contingency plan in place so that you can quickly adapt if something does happen. This could include things like having another supplier lined up, or having enough cash on hand to cover any unexpected costs
Conclusion
By following these tips, you can avoid working with a supplier who shuts down suddenly—and keep your business running smoothly in the process. By taking the time to do your homework upfront, you can protect yourself from potential problems down the road.
If you already facing this problem,don’t hesitate to contact us to get your order and business back to smooth!
