Renaud and Adrian cover a topic that most importers, regardless of where they are manufacturing in the world, will value: cost-cutting!
There are 9 measures you could use to reduce your business costs here ranging from fairly low-hanging fruit, such as adjusting which product inspections and laboratory tests you perform (maybe you can actually get away with fewer or by focussing on a different kind at a different stage of production) to larger projects such as near-shoring your production in order to escape higher manufacturing costs, tariffs, and lead times due to distance.
There’s something for everyone here, so get started by listening below, and we hope you find a way to trim your own costs!
Listen: 9 Ways Importers Can Save Money
Watch: On YouTube
- 00:00 – Greetings.
- 00:41 – Pre-chat: Our team member’s story when she ended up in a quarantine hospital in China.
This episode can be heard here and real photos of the conditions are included: Travel To China In 2022 – Don’t Test Positive!
- 02:48 – Today’s topic: 9 Ways for importers to save money.
- 03:29 – 1. Avoid big problems on the manufacturing & transportation side.
- 08:18 – 2. Avoid big problems on the distribution side.
- 14:04 – 3. Re-engineer your products.
- 21:42 – 4. Place larger orders with fewer key suppliers to benefit from lower pricing.
- 23:17 – 5. Use competition among your suppliers to drive down prices.
- 26:08 – 6. Avoid buying via a trading company if they don’t add value that warrants the extra cost (in most cases).
- 29:49 – 7. Relocate manufacturing.
- 31:51 – 8. Internalize manufacturing (DIY).
- 36:21 – 9. Spend money more wisely on inspections, testing, etc.
- 41:35 – Wrapping up.
- Get help to find great suppliers in China: DIY Sourcing from China Podcast Series
- Explore a comprehensive new product introduction process
- Why You Need Mature Product Designs BEFORE Working With A Chinese Manufacturer!
- 9 Types of Packaging (Benefits, Costs, Sustainability, and more) – Guide for Importers
- 5 Main Reasons For A High Product Return Rate
- The Design for X Approach: 12 Common Examples
- Introduction to Design For Assembly (DFA)
- Is My Supplier A Trading Company Pretending To Be A Manufacturer?
- Chinese trading companies and their dirty little secrets
- Globalism 2.0: North American Importers To Move Supply Chains Out Of China Soon? [Podcast]
- How to optimize inspections & drive suppliers to improve quality to reduce costs & risks?
- Sofeast is tracking the costs of China raw materials to help give you transparency and control when dealing with your suppliers
- Get help with your product inspections and select only those that you need
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