In almost every business practice, it’s common for a business to operate in collaboration with other companies at one point or another – whether in the form of a business partner, or perhaps even a vendor.
Either way, once a business partnership is formed, the performance of your business becomes closely tied to the stability and performance of your partner companies. Because of this, it’s important to only choose potential partners or vendors that inspire confidence in you, especially if you’re looking for long term partnerships with long term mutual success.
Why Trust Is Important For Long Term Partnerships
When you partner up with a company that has not yet been verified as trustworthy, there’s a chance that they could be overrepresenting their true financial strength and business capabilities just to seal a partnership deal with you. Promises are easy to make, but backing them up is what really counts.
After all, partnering with a company that doesn’t have the means to hold up their end of the bargain at the most critical moment could disrupt your delivery chain, and subsequently affect the reputation of your company. Furthermore, your partner’s reputation will also have an indirect impact on what others think of your company, hence ensuring that none of the incidents above take place is in both parties’ best interest.
Verification – The Best Way To Establish Trust And Confidence
Trust, however, takes time to build. So how do you decide if your potential partner or vendor can be trusted before you actually start working together? You shouldn’t just rely on word of mouth or your gut feeling. What you can do is understand and verify their background with a MyBiz report from Experian.
MyBiz is a comprehensive report that provides you with a quick, truthful and easy view about any company, based on information obtained from the Companies Commission of Malaysia, also known as Suruhanjaya Syarikat Malaysia or SSM.
Among the details contained within it are the basic information about a company, such as its name, contact number, former name, incorporation date, SSM status and business description. You can also find a company’s registered address, business address, market listed date, market stock name and market stock code.
Very importantly, MyBiz lists out all of a company’s key business figures and statistics, thereby giving you a complete and accurate picture of how well it’s performing financially. These details include its paid up capital, earnings per share, revenue, profit after tax, income statement, balance sheet and key financial ratio. You can know who the company’s directors are and get its shareholder information, as well.
Thanks to all of these features, MyBiz empowers companies to make better decisions when forming business partnerships, allowing you to see potential partners and vendors for who they really are, and not just who they claim to be. With MyBiz, a little due diligence can have an impact in protecting your bottom line.
MyBiz Can Also Be Used For Pre-Investment Research
In addition to vetting potential business partners, you can also use MyBiz to carry out research on any locally listed company that you might want to invest in on the stock market. As a savvy investor, you’ll want to be as well informed as you can be about a company’s business performance and financial outlook before you even invest a single sen in its stocks.
To help you make better decisions in business and in the stock market, be sure to find out more about Experian’s MyBiz today!