Well, our Fall 2010 Global Market Import Series has wrapped up. Lots of hard-learned lessons on a variety of topics were learned, and I must say that I don't think you can put a price on that (OK, maybe a small price just so we can pay our bills...)

So while we are thinking of all you importers, here are a few tips on dealing with your overseas suppliers:

Build Trust. This can and should take time. Don’t make the mistake of blindly trusting a new partner with payment terms which are unfavorable to you. At the same time, however, consider offering terms which are more amicable to both parties, if he or she has demonstrated a history of timely payments.

Carefully consider the long-term consequences of any actions you take with your supplier. A hard-line approach today may haunt you further down the road, when market conditions inevitably change. Try to concentrate on fostering a good relationship with your supplier, not on taking advantage of perceived temporary weaknesses.

Encourage increased communication. Importers are naturally inclined to be demanding of high standards when dealing with their suppliers. This is important; you should tell them exactly what you need so that they can better provide it. However, don’t be afraid to ask your supplier what they need from you from time to time – this type of two-way communication can go a long way towards long-term relationship building.

Build a contract which serves both parties. In order for your import process to be successful, you need your supplier to be successful as well. Don’t be afraid to offer favorable terms to your supplier, such as fair and prompt payment terms, or even exclusive supplier status if you can manage it.

Engage in unnecessary communication. Christmas, Ramadan, Hanukkah, national holidays or whatever occasion strikes you. Take the time occasionally to send your best wishes to your business partners – remember that most other cultures value having friends who they can do business with, usually more than their American counterparts do!

Adapted from:

Hinkelman, Edward. World Trade Press 2009 - Importer Manual USA

www.businesslink.gov.uk -2010 - Manage overseas suppliers