How to Effectively Utilize Product Sourcing Services: Answers to the Most Frequent Questions about the Value of a Product Sourcing Consultant
You didn’t get to be where you are today by leaving all of the hard work to other people, right? You take pride in your entrepreneurial spirit, and with good reason. You have built a strong, well respected, and successful company from the ground up, with very little help from others. So, why shouldn’t you be able to handle the project of establishing a China product sourcing network to boost your yearly sales and net revenue? Given your substantial business background, you are probably very capable of setting up China product sourcing on your own, but why do that when there are so many professional product sourcing services available today designed to help successful business owners like you take their company to the next level…the global level?
You have probably already looked up the product sourcing definition online and found many reasons why sourcing products from China can increase your profits significantly by cutting down product sourcing costs dramatically. Now that your head is swirling with all kinds of questions about how to get started down the lucrative path of global product sourcing, it is time to get some answers to your biggest questions.
Should you go at it alone or hire a product sourcing consultant?
This is the first big decision you need to make when it comes to deciding on your product sourcing plan. Obviously if you decide to tackle this by yourself, you will save a lot of money since you won’t be paying an outside firm to act on your behalf to establish and manage relationships with suppliers overseas. you need to hire a company that specializes in product sourcing services and this is why: Instead of taking up your valuable time researching all of the possible factories and suppliers out there, you can hand that task over to a professional product sourcing consultant who already knows the answers to these questions because that is their job. Product sourcing companies keep tabs on all of the best overseas factories so that they know exactly how to match you up with the right factory to produce your specific type of product. There is nothing more important than having a good relationship with your supplier and a product sourcing consultant can achieve that for you quite easily. This may be a blow to your pride, but it is smart to know when to hand over the reins to someone who focuses solely on product sourcing services.
What exactly does a product sourcing services company do?
Product sourcing services companies employ experienced product sourcing consultants who handle every aspect of setting your business up with a reputable supplier in the global market. These are people who have studied the global sourcing industry and have made it their job to establish positive relationships with overseas suppliers to facilitate solid manufacturing deals. These companies fully understand the product sourcing definition and work to make sure that your needs are being met by the supplier responsible for manufacturing your product. You can count on a product sourcing consultant to find you the best factory at the lowest price and to maintain a strong relationship with the supplier so you never encounter any inventory, shipping, or supply chain issues during your partnership. A product sourcing services company promises to be your eyes and ears when you can’t oversee the process for yourself. Running a successful business is very time consuming and you need someone to manage your product sourcing endeavors otherwise you will put your company at serious risk for being taken advantage of by a supplier.
Do overseas suppliers prefer to work with product sourcing services companies?
While it is impossible to say what an overseas supplier prefers, it is safe to say that they can be picky about who they choose to do business with. This is why hiring a product sourcing consultant who knows the industry inside and out can be extremely beneficial to you. The truth is that if you were to pick up the phone today and start making cold calls to factory owners in China, 90% of them would hang up on you and the 10% that don’t probably are not very reputable companies. Product sourcing consultants have devoted their career to setting up a network of trustworthy contacts in the global sourcing industry. Therefore, they may be aware of opportunities that you are not aware of because of their familiarity with the major players in the global product sourcing game. The product sourcing definition you read probably did not include just how different this world is from your typical business world. A lot of it is based on firm handshakes and airtight promises as opposed to non disclosure forms and co-packing contracts like you might be accustomed to.
How much can a product sourcing services company really help business?
You know how you always crunch the numbers to try to shave costs off your budget, but despite your best efforts, you never seem to be able to make a dent? By investing in a product sourcing consultant, you may be putting out a little more money up front, but you will reap the incredible returns of global product sourcing by slashing your production costs. Product sourcing, especially from Asian countries, is by far the most efficient way to produce a lot of goods quickly and cheaply. You will hear your fair share of arguments about why the practice of product sourcing is not championed in some circles in the business world, but the truth is that every business owner considers it and by taking the steps to actually make it happen, you will put yourself way ahead of your competition.
You cannot afford to continue your business as usual and expect it to grow exponentially without enlisting the help of a product sourcing services company to evaluate your current sourcing methods and establishing areas where it can be improved. You got into business to be the best in your industry, right? In this fast-paced world, becoming the best means using resources like product sourcing to increase your production and your profits.