Be Sure Your Vendors Will Be There When You Need Them
Vendor selection is a strategic decision that can make or break your business.
One of the biggest questions that you need to answer when selecting a new vendor is, “Can this vendor perform when I need them?” Another is, “As my business grows and my needs expand, will this vendor be able to grow with my business?”
The financial viability of your vendors plays a big part in the answers to those questions. You need to make sure your vendors have the financial stability and capacity to be there when you need them.
The failure of a vendor to meet your business demand could kill large sale opportunities and endanger relationships with your customers.
This practice has become even more important in recent years, particularly in manufacturing, due to the increasing trend toward components of products being supplied by multiple companies.
A healthy business practice is to also review your existing vendors on an annual basis. If a once-reliable vendor falls onto hard times and becomes unable to fulfill their commitment to you, it can cause an emergency situation for your business. Avoid surprises by verifying each vendor is still healthy and viable.
BCR’s Vendor Verification Report is an excellent tool to quickly assess the financial viability of prospective vendors and the continued viability of your existing vendors. The report provides demographic data; corporate and secretary of state registration information; public filings such as Bankruptcies, Collections, Liens and Judgments; UCC filings; an OFAC check, BCR’s new Fraud Flags, Google Maps view and one year of free account monitoring.
Pull a Vendor Verification Report whenever you evaluate prospective new vendors and once a year for all existing vendors. The annual reviews will keep the free monitoring alive and you will maintain peace of mind knowing your vendors will be there when you need them.