Are you comfortable with the geo-political situation that exists in the world today? And are you capable of predicting the changes that will happen within it?
Do you know how these will impact your business and do you have a well-documented action plan?
If so, then you probably don't need to read on. If not, then please consider the following.
The world is an increasingly complex place. Within that, many companies have a 'one country' focus for their manufacturing resources. It made perfect sense at the time when that strategy was developed, but, times have changed and risk is everywhere (although it is not a conspiracy!), but ask yourself what happens to your business if there is a major change within China.
That change could be a revaluation of the RMB/YUAN (which would force up your buying prices), a natural catastrophe like a flood or earthquake (where your shipments could conceivably never arrive) or shipping costs increase dramatically for any number of reasons.
In an effort to spread their risk, one of our customers asked us to help establish a relationship in another manufacturing country outside of China and we have developed relationships within another manufacturing powerhouse, India.
It's not easy, but nothing worthwhile is. Let us help you. Your shareholders will love you and your company's directors will love you.