Getting Started as a Supplier Dustin Luther
Getting Started as a Supplier
Getting started as a supplier certainly comes with its challenges, but being able to tap into a large commercial supply chain can be a game-changer for your small business. In fact, the marketplace for government and corporate supplier programs is over $350 billion each year.*
As a supplier, you’re going to need to make sure that you can deliver to your partners consistently. When deciding which companies to work with during this critical time, you should consider checking the company’s business credit file to gauge their financial health. Whether you have a supply chain that you rely on for your final product or want to make sure that the company you supply to will pay on time, the D&B® scores and ratings in a company’s business credit report can help you determine if you need to diversify your supply chain or what terms and conditions to offer a new partner.
Having a strong business credit file can help you establish your business credibility and build solid relationships with lenders, your current customers, and potential customers.
“We were working on securing a contract with a large retailer and our Dun & Bradstreet credit standings were falling short of their requirements. With the help of our Concierge Manager, we were able to secure the contract.”
Alok Modani, Choice Canning Company Inc.
Building your own business credit at this time can be very important.
Your D&B business credit file can make a difference in whether or not you’re approved to get into a supplier program, have long delays, or face automatic rejection of your application. Here’s why your business credit can matter as a supplier:
Some companies may use scores like the D&B® Supplier Evaluation Risk (SER) Rating to determine if a business is credible enough to bring into its supply program.
You might need to secure start up funding and many banks are likely to pull your business credit file to help them determine if they want to extend a loan to you and at what terms
You can use your strong business credit report to showcase your credibility to potential customers, even if they don’t pull your profile as part of their process
Learn the Basics of Business Credit
Alternate Funding – Crowdfunding
Alternate Funding – Factoring
Alternative Funding – Export-Import Funding
Does your supplier business have a D&B D-U-N-S® Number?
It’s the first step in establishing and building your business credit file.
In the supplier space, being able to show others that you’re a credible and trustworthy business is a necessity. That’s why so many suppliers depend on their D&B D-U-N-S Number and business credit reports to help showcase their credibility to others.
A D&B D-U-N-S Number is a free, unique business identifier used by 225+ million businesses worldwide. A D&B D-U-N-S Number allows you to establish business credit, showcase your creditworthiness to others, and is required to do business with most government entities and many Fortune 500 companies.
Now that you have your D&B D-U-N-S Number, you may also want to make sure you’re monitoring the companies supporting your business. By working with businesses that you know you can trust and keeping an eye on their financial health, you’ll help put yourself in the best position to deliver on your promises to your customers and vendors.
CreditAdvisor™ can help you monitor one of your partner’s D&B credit scores and ratings, and DNBi can help you monitor the D&B scores and rating for multiple companies at once to help ensure you maintain operational efficiency.
April 4th, 2017|Comments Off on Supply Program Coordinator Relationship
Leveraging the Supply Program Coordinator Relationship Similar to the federally and state-sponsored supplier diversity programs, many large corporations have supply programs for small businesses. Walmart, Home Depot and Northrop Grumman are just a few of [...]
Why Start With Subcontracting In some cases, typically if your business is young, it will not qualify to contract directly with certain companies or government agencies. In cases like these, you can look into [...]
We’re Here to Help
Every industry has different challenges. Our dedicated credit advisors** are standing by ready to help you find the best solution for your supplier business needs.
Get answers to your business credit questions.Call 1-800-701-7302
**The information and advice provided by Dun & Bradstreet and its Credit Advisors during business credit counseling sessions is provided “as-is.” Dun & Bradstreet makes no representations or warranties, express or implied, with respect to such information and the results of the use of such information, including but not limited to implied warranty of merchantability and fitness for a particular purpose. Neither Dun & Bradstreet nor any of its parents, subsidiaries, affiliates or their respective partners, officers, directors, employees or agents shall be held liable for any damages, whether direct, indirect, incidental, special or consequential, including but not limited to lost revenues or lost profits, arising from or in connection with a business’s use or reliance on the information or advice given during any counseling session.
Make Sure You Don't Miss a Dun & Bradstreet B2B Podcast! Sign Up For Our Newsletter!