Month: January 2018

Global Sourcing Success Guide

Global sourcing occurs when companies go beyond their home borders for sources of goods and services. It might be a shoe company having its product manufactured in Asia, or a telemarketer whose salespeople make their calls from New Delhi, India. Reduced costs of labor and materials represent the obvious benefit for companies who use the practice. Here’s a five-point strategy for making your first global sourcing foray successful.Source to a Country With Low Labor Costs and Good Quality... Read More

Approaching a Foreign Company For Importing

How do you approach a manufacturer in another country to let you import it to yours? Priority No. 1 is to select a product that is successful in its present domestic operation and has the look and feel of export potential (meaning everybody, everywhere —already loves it and is likely to continue doing so even in the United States). Priority No. 2 is to go to market with what you are familiar with.Priority No. 3 is to view the potential of the product in front of you through the eyes of... Read More

How to Find a Supplier for the Product You Want To Import

To find suppliers of the product you want to import, you’ll need to consult some specialized online resources. These four are a good start: Alibaba, Global Sources, ThomasNet, and Kompass. If you contact the U.S. Embassy in the country you are interested in importing from, they might be able to help as well. When you travel internationally, provided you set aside time to do a little shopping, you can always stumble upon a product you like and find out who the manufacturer is (look on... Read More

How to Select a Product to Import

What gives you the most fulfillment as a businessperson? Is it creating value by meeting consumer demands? Is it the challenge of spotting a trend, positioning yourself to take advantage of it, and striking it rich? Or is it the chance to spend your time dealing with a commodity you love? You have two viable reasons for choosing a product to import: Because you know it will sell. Because you like it. Let’s consider both alternatives. Select a Product That Sells Start with a product that you... Read More

How to Develop and Price a New Product for the Global Marketplace

Got a new product idea that will wow the world? What are you waiting for? Your first step when developing and pricing a new product for overseas should be to check if there is a similar product already on the market and what it is priced at. If there is a similar product, see how your idea can be differentiated and use the competing product’s price point as a starting point for yours. Here’s what it takes to bring a product to market and price it fairly.Let me first paint the picture,... Read More

Request for Proposal (RFP) and for Quotation (RFQ)

Now that you have analyzed your business requirements and completed your vendor search, you are ready to start the meat-and-potatoes of the vendor selection process. A well-written Request for Proposal (RFP) or Request for Quotation (RFQ) is the key for selecting the best vendor at the best value for your company. Writing a RFP or RFQ is not difficult if you understand the objectives and function of the document.Decide: Request for Proposal or Request for Quotation Request for Proposal... Read More

6 Step Vendor Selection Process

The vendor selection process can be a very complicated and emotional undertaking if you don’t know how to approach it from the very start. Here are five steps to help you select the right vendor for your business. This guide will show you how to analyze your business requirements, search for prospective vendors, lead the team in selecting the winning vendor and provide you with insight on contract negotiations and avoid negotiation mistakes.Analyze the Business Requirements Before you... Read More

Introduction to Outsourcing

Outsourcing has seen a lot of press over the years. Some look to outsourcing as the savior of their company, while others see outsourcing as an evil, job-killing management tactic. Before you start to evaluate if an outsourcing strategy is right for your company, you need to understand what it is and what it is not. Outsourcing Defined Outsourcing is the contracting out of any task, operation, job or process that was originally performed by employees within your company to a third party for a... Read More

Things to Know Before Starting an Import/Export Business

I hope I am not dreaming. I heard you have a great product ready to import or export, now all you need to do is get it in the hands of a few good customers, and you are off to international trade nirvana. Wait, not so fast. How do you know the product will sell? Will you make money selling it? How should you price the product? All importers and exporters must face these questions at some point if they want to achieve success in the global marketplace.Here are a few solutions to guide you in... Read More

Quality In The Purchasing Process – Optimized Supply Chain Impact

Introduction Quality is an important part of the supply chain, whether it is quality inspections during the manufacturing process, quality checks before goods arrive at the customer, or checking the quality as raw materials and parts enter the factory. Before any part or raw material is used in a manufacturer of a finished good that will be delivered to a customer, it is the responsibility of the purchasing department to ensure that the materials that arrive are of the correct quality... Read More