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Here's how you can source suppliers in emerging markets: key considerations for entrepreneurs.

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Venturing into emerging markets to source suppliers can be a transformative move for your business, allowing you to tap into cost advantages and untapped potential. However, navigating these markets requires a strategic approach, balancing risk with opportunity. Understanding local business practices, establishing strong relationships, and ensuring quality and compliance are just some of the key factors you'll need to consider. As an entrepreneur, you're well-positioned to leverage these dynamic markets if you're armed with the right knowledge and tactics.

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Kokila(Rajakokila) K

Sustainable Procurement Lead -CORY
Viveka Anderton

Consultant, Researcher, Author and Coach | Leadership Values | Sustainability, Resilience and Ethics | Specialist…

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1 Market Analysis

Before you set foot in an emerging market, you need to conduct thorough market analysis. This means understanding the economic environment, the political stability, and the legal framework of the country. It's crucial to identify the market trends and consumer behaviors that could impact your supply chain. Additionally, consider the infrastructure and technology capabilities of the market, as these will affect the efficiency of your operations. A comprehensive analysis will help you anticipate challenges and tailor your sourcing strategy to mitigate risks.

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Kokila(Rajakokila) K

Sustainable Procurement Lead -CORY
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These elements play a critical role in guaranteeing seamless operations and reducing risks in the corporate setting.Entrepreneurs operating in emerging markets ought to take into account various aspects such as dependability, culture, quality assurance, correspondence, transportation, and legal compliance.

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2 Local Insights

Gaining local insights is invaluable when sourcing from emerging markets. This involves more than just market research; it's about understanding the cultural nuances that influence business transactions. Building a network of local contacts can provide insider knowledge that is not readily available through conventional research channels. These insights can guide you on negotiation practices, appropriate communication methods, and the expectations of business partners in the region. The better you understand the local context, the smoother your supplier interactions will be.

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Michelle Ng

Contracts Manager at ExxonMobil
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I think local insight from local personnel is one of the key success factor to finding the right supplier in a developing market. This is to avoid getting scammed or not getting the lost value out of a deal. Many local insights could help to avoid making simple mistakes culturally when negotiating and shortcut us to the right starting point instead of hitting around outside the targeted suppliers we should focusing on to develop.

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3 Quality Control

Quality control is a non-negotiable aspect of supplier sourcing, especially in emerging markets where standards may differ from what you're accustomed to. It's essential to establish clear quality criteria and ensure that your suppliers can consistently meet these standards. This might involve regular site visits, third-party audits, or implementing a robust quality management system. Remember, compromising on quality can tarnish your brand's reputation, so diligent oversight is necessary to maintain product integrity.

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4 Relationship Building

Building strong relationships with suppliers in emerging markets is critical for long-term success. This goes beyond formal contracts and agreements; it's about fostering trust and mutual respect. Regular communication, understanding your suppliers' challenges, and being flexible can go a long way in securing a dependable supply chain. Remember that in many cultures, business is personal, so taking the time to develop these relationships can yield significant benefits, including loyalty and preferential terms.

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5 Risk Management

Risk management is an integral part of sourcing from emerging markets. You need to identify potential risks such as currency fluctuations, supply chain disruptions, or geopolitical tensions and develop strategies to mitigate them. This could involve diversifying your supplier base, securing favorable payment terms, or investing in insurance solutions. Being proactive about risk management can safeguard your business from unforeseen events and ensure supply chain resilience.

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6 Legal Compliance

Lastly, legal compliance cannot be overlooked when sourcing suppliers in emerging markets. You must be well-versed in the local and international laws that govern your operations, including labor laws, environmental regulations, and import-export restrictions. Ensuring that your suppliers adhere to these legal standards is essential to avoid penalties and protect your brand's reputation. It's advisable to seek local legal expertise to navigate the complex regulatory landscape effectively.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Viveka Anderton

Consultant, Researcher, Author and Coach | Leadership Values | Sustainability, Resilience and Ethics | Specialist Middle East
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I see too often companies chasing low prices and not considering the overall relationship with a supplier. A low priced product can come with risks in delivery accuracy, quality, availability long term. More importantly dealing with low cost suppliers can have effect on your company's reputation; are they paying their taxes? are they treating their employees fairly? are they living up to environmental standards? and if not how could it effect the buyer? Conducting social due diligence/audits on suppliers for example ISO 20400 (based on ISO 26000 for Corporate Social Responsibility), is a good way to develop long term relationships with suppliers and also include the success in your sustainability report.

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Here's how you can source suppliers in emerging markets: key considerations for entrepreneurs.

1

2

3

4

5

6

7

1 Market Analysis

2 Local Insights

3 Quality Control

4 Relationship Building

5 Risk Management

6 Legal Compliance

7 Here’s what else to consider

Supplier Sourcing

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Here's how you can source suppliers in emerging markets: key considerations for entrepreneurs.

1

2

3

4

5

6

7

1 Market Analysis

2 Local Insights

3 Quality Control

4 Relationship Building

5 Risk Management

6 Legal Compliance

7 Here’s what else to consider

Supplier Sourcing

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