Almost every business in existence works with suppliers. After all, they provide what businesses need to grow.
Plus, they can be useful sources of information for overseas opportunities. It’d be hard to find someone that knows more local competition than suppliers, who profit from it.
There are suppliers out there that always pay on time, deliver your products exactly as you want them, and are available whenever you need to reach out.
And then there are those that small businesses should avoid like the plague.
A bad supplier can break your business, which is why it’s crucial that you do your research.
Depending on your small business, supplier agents could help you walk that line.
Think of them as an “in” across the border; somebody who knows how business operates locally and has all the connections worth knowing.
Before you sign the dotted line, remember that if your business doesn’t technically need a supplier agent, it could be an unnecessary expense to an already-stretched budget.
Here’s what you should keep in mind before deciding whether or not a supplier agent is right for your small business.
Personal relationships are the gatekeepers to the world of international business, especially when finding a supplier.
Who you know often matters more than what you have to offer.
Naturally, this is fantastic news for those social butterflies who have connections in every country. But for those who are expanding out for the first time, this isn’t exactly inspiring.
Supplier agents have close ties with local suppliers, and have probably heard every question you have to ask multiple times.
This, alone, could be worth the money. These friends could unlock a lot of doors for your small business.
However, if you have more time than money, some hard work and extensive research could potentially do the job just as well.
If you’re new to the realm of international consumers, there’s some things you need to know.
Firstly, the sales strategy that has worked gangbusters at home may fall flat on its face once you cross the border.
It’ll seem as though you’re speaking to them in a different language — a definite possibility.
Supplier agents can help with this as well. They know their local market like the back of their hand, and could potentially help you cook up a plan.
That means consumer demographics, income averages, preferred communication platforms and more.
You might wonder: what’s in it for them?
Well, money for one. Nothing is free, especially in business, and especially when it comes to supplier agents.
But more importantly, a successful client is a successful supplier agent. If your products are selling like hotcakes — which may or may not be popular where you’re selling — then they’re profiting right beside you.
Some may like this “partnership” that they have with their supplier agent. But others may feel as though they want to keep their profits to themselves.
After all, it’s their business, and they need all the capital they can find.
Luckily, resources like Export.gov supply small businesses with information about the countries they’re visiting, including marketing strategy and consumer data.
Again, it boils down to whether your small business has more time than it has money.
Either Way, You Gotta Pay
Whichever you choose, there’s plenty for small businesses to profit from overseas.
Cheaper costs, superior products, even new talent for your small business.
But how do you end up doing it is entirely up to you. Supplier agents could help some small businesses and hinder others, depending on their specific situation.
However, there’s only one right way to pay your suppliers.
Veem provides payments that are built for small businesses: quick, easy and safe.
Traditional bank wires aren’t built for this decade. Their 40-year-old technology keeps small businesses in the dark about where their money is and when it’ll arrive.
Plus, their hidden costs and frequent delays are a notorious pain in the side for small business owners.
With Veem’s innovative technology and intuitive platform, payments are a walk in the park, so you can focus on what’s important: your business.
Join Veem today and ease the pain of traditional bank wires.