To get right down to it, there can be serious consequences to your business when working with a supplier that isn’t financially stable. You spend time and money vetting, auditing, and negotiating; everything seems to check out only to find out that the supplier can’t fulfill your order. Of course they are not up front about any financial issues because maybe they think, this customer could be the ticket out of the weeds.
Discovering financial instability before it becomes an issue can be very difficult, especially since private companies are not required to publicly divulge their financial standings like public companies are. Even if a private company chooses to share financial statements with potential customers during an audit, documents can be doctored up to look better than the reality. These are certainly not situations you ever want to find yourself in so let’s dive into a few key questions to consider when looking at potential (or even current) suppliers.
How do you know if a supplier is financially stable?
Pro Tips:
A lot of user interface manufacturers have come and gone over the last 40 years, do your due-diligence to ensure you won’t be wasting time and money on a supplier that isn’t financially stable.
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