Sourcing products from overseas suppliers involves all the same issues as purchasing from suppliers within your domestic market. You will need to negotiate purchasing terms and delivery requirements. However, you will also need to negotiate international trade terms called Incoterms. Management of your overseas suppliers can be complicated due to the distances involved, business cultures, different languages, and legal requirements. You will need to understand the timelines involved, from placing the order to receiving the products within your business. We can help you develop supplier management practices, build strategic relationships and have long-lasting sourcing solutions with dedicated overseas suppliers.
- As businesses expand, many entrepreneurs look to become more competitive by importing attractively priced goods.
- Importing goods allows a company to introduce new products to the domestic market.
- Due to the strengths and specialties of some countries, companies can import higher-quality products.
- Due to lower cost imports, companies can benefit from higher profit margins.
- Sourcing new products that are not available in the domestic market.
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