Many small businesses know they need to digitize so they can reach more customers, run more efficiently, or better weather today’s challenges. But the latest technology or software might be out of budget, or they might not have the time to integrate new features into their daily routines. So why is it so critical for small businesses not to wait to integrate more technology into their operations, and how can they do it without disrupting their busy day-to-day?
Here are three reasons small businesses need to care about verification:
1. Verifying suppliers means mitigating risk.
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 recent report that half of the companies it surveyed still “fail to carry out sufficient due diligence” on key suppliers beyond tier 1.
2. Verification builds credibility and trust.
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.
3. Verification leads to better business relationships.
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, in particular, 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.
The Bottom Line
As we continue to navigate supply chain disruptions caused by the pandemic and the recovery volatility, small business owners must understand the risks inherent in their supply chains. With over 115 million pre-verified business listings in our Directory, Markaaz is doing our part to build a trusted community, connecting businesses of all sizes. Create an account today to claim your pre-verified listing and add an extra layer of trust to your business – and take advantage of our Dashboard while you’re at it.
Join Markaaz today and become a part of a community built to help you manage your business.