For an international business venture to be successful in our global economy, a range of problems must be avoided:
1. Communication Breakdowns
An open line of communication between supplier and buyer is vital for supply chain efficiency, but it can be hindered by distance, time, technology, and cultural and language barriers.
2. Inaccurate, late, or missing documents
Documentation hang-ups can result in delays with regards to customs clearance and delivery. Know what paperwork is required on both ends: yours and theirs.
3. Incomplete Cost Calculations
When sourcing an item from a global supplier, it’s important to have an accurate total cost. Total landed cost includes unit cost, transportation, customs, banking fees, brokerage service fees, financing, insurance and unexpected charges.
4. Sub-Par Quality
When negotiating across the ocean, buyers and suppliers may find they have different definitions of quality. Rectifying quality-control issues after the fact can suck up valuable time and money.
5. Logistics Issues
A product has to go through a lot to get from one country to another. When dealing with an overseas company, it’s important to delve into local transportation infrastructure from the manufacturing origin point to the port and beyond.
Walker World Trade Can Ward Off These Problems
Concentrate on your end of the business and let Walker World Trade focus on what we do best. Contact us today to find out how we can help you avoid these costly problems.
