What should I know about a potential new supplier?

Before signing on a new supplier, there are a few key things to check out so that you can protect yourself against business failure. Some warning signs include directors that have been on the board of a failed company, or a bad reputation associated with the company. As a result it's important to do the following:

  1. Check what quality standards they adhere to
  2. Conduct a credit check on their financial/credit history, which also reveals its director history.
  3. Register on the Personal Property Security Register
  4. Evaluate the probability of external disasters, e.g. supply chain shocks caused by a flood or earthquake
  5. Check what insurance your supplier has in place
  6. Don't be afraid to negotiate terms!

More detailed information on the above can be found:

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