Many small businesses know they need to digitize to reach more customers, run more efficiently, or better weather today’s challenges.
Here are three reasons small businesses need to care about verification:
- 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 critical suppliers.
- 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.
- 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, 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.
The Bottom Line
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