Here are three reasons all businesses need to care about verification:
Regardless of the size of your business, one weak link in your supply chain could equal missed opportunities, decreased sales, and the potential for long-term reputational and financial loss. Yet, the Business Continuity Institute found in its report that half of the companies it surveyed still fail to carry out sufficient due diligence on critical suppliers.
Not knowing who you can trust online is a significant problem many businesses face. Supplier fraud is rampant, especially for small businesses. Almost 40% of business fraud starts from outside forces, such as vendors or suppliers. And when companies rely on Google searches and other online research to verify potential suppliers, the risk of fraud increases.
As a result, having a business that's highly visible online isn't sufficient. Just because other companies can find you easily doesn't mean they will feel comfortable working with you or purchasing your products. Verification differs from being online and can be a powerful tool to help your business overcome these reservations.
As important as attracting new customers and business partners may be, nurturing the relationships you have already established may matter even more. Strong supplier relationships, particularly, can be successful for small and large businesses.
When you take the time to verify your business, you make it easier for those you contract with to build trust and confidence in your partnership.
With over 300 million business listings in our Directory, Markaaz is doing its part to build a trusted community, connecting businesses of all sizes. Create an account today to claim your business listing and add an extra layer of trust to your business.
Markaaz verifies 30% more businesses than leading providers. See what you’re missing with our free match rate test.
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