3 tips for electrical and electronic suppliers

1. Spend time designing and implementing the right strategy for your business from all angles.

Businesses that don’t do well are usually the ones lacking a strong implementable strategy.

A good starting point to design your implementable strategy is included in our previous post titled ‘business strategy 101’.

2. Invest in developing relationships with key customers or retailers, suppliers, and other global supply chain partners.

International commerce is a risky business, where profits can evaporate quickly when unexpected situations occur (which is always the case). However, if strong partnerships are developed, your partners can make things much easier for you when things go wrong – anything from facilitating a container booking to rushing a product approval out of nowhere or extending the delivery timeframe.

You should always treat your partners well and spend time with them to develop and strengthen key relationships.

3. Learn about legal and commercial risks.

Suppliers in Australia are subject to multiple legal and commercial responsibilities. The more complex the electrical /electronic product the higher the responsibilities.

Prosecutions, recalls, and hefty penalties are likely if you don’t follow the rules.

You should be well informed of all the risks involved, and make sure to minimize them.