Part 3 of 3: Using strategic partnerships to drive business identity verification forward

The hardest part of running a business is knowing when it’s time to get out of the way and let someone else handle certain tasks. There’s a temptation to think that you can manage everything yourself (or at least in-house), especially in the early years. 

However, the more you take on, the less focused you can end up being on the tasks that are mission-critical to running your business.  

The concluding part of our series delves into how strategic partnerships play a key role in running a successful business identity verification program in your business. These partnerships are crucial and can significantly impact the efficacy and efficiency of a business's verification processes to help you better manage compliance and risk (by outsourcing it to experts).

The balancing act of running a business 

Deciding on the right approach to business identity verification involves a delicate balance of cost, speed, and accuracy. The standard approach is that you get to pick two of those things. You usually can’t get them all.

However, with the right strategic partnership, you can get close to finding the perfect balance of all three. The advantage here is that a lot of organizations underestimate how much work goes into business identity verification. They think it’s easy enough to plug in an API and wait for confirmation to come in. But, as we’ve discussed, there’s a lot more going on than it seems. Along with needing to know which databases to search and what levels of government you need to check with, you also have to consider insurance coverage, business liens, checking to make sure everything stays valid, and you may have to check certain details in person. 

Once you consider all of these things, you often end up sacrificing cost, speed, and accuracy.

Focusing on what you do best

Recognizing the advantages of outsourcing non-core activities like business identity verification can lead to more efficient and effective operations.

When you’re trying to do all the things for your business, you often end up struggling to focus on the core aspects of your business. You’re being pulled in many directions by important tasks, but not directly related to keeping the lights on. 

Strategic partnerships help you get away from the low-level tasks to focus on the high-level tasks that require leadership to be involved. Business identity verification is important, don’t get us wrong. However, there’s a very good chance that it’s not something that you and your team are highly skilled at the same way you are with your business’s core offering. 

The more you’re pulled away from serving your customers, the more likely you are to miss important opportunities to better serve your customers and grow your business. A strategic partnership can help you put something like business identity verification on autopilot and turn into something that runs effortlessly in the background.

Creating trust using a strategic approach to partnerships

The more business identity verification is something that happens in the background of your business, the better. It’s an important part of running your business and a critical piece when it comes to building trust with your customers.

Online retailers see upwards of 1,200 fraud attacks per month. That’s a lot and you need to do everything you can to ensure that your customers can trust your marketplace or ecommerce site. Business identity verification is an important part of building trust. Strategic partnerships keep you from dropping the ball and losing customers as a result.

One way you can showcase this trust is by using trust badges. These badges are a way of demonstrating that you’ve done the work to ensure that the businesses listed on your site are verified and trustworthy. Rather than putting the onus on the customer to find proof of trust, you’re providing it. And, if your customers want to dig further, they don’t have to investigate dozens of potential contractors, they just need to investigate the legitimacy of the company providing the trust badge. 

Conclusion 

In most fields, the potential liability for a general contractor hiring an unlicensed or lapsed insurance subcontractor is very real. Businesses need to do their proper due diligence for making sure that anyone that was working on the site is properly insured and licensed. The bigger your business, the harder it can be to keep track of all the necessary details.

Business identity verification requires more than just operational efficiency. It’s about strategic foresight and decision-making. You need a partner who’s dedicated to guiding businesses through this intricate landscape, ensuring that you build your operations on a foundation of trust and credibility. Along with being able to instantly check all the relevant databases to confirm information, we have teams ready to verify any in-person information. You get everything you need to build trust from day one in a single place. 

Mesh is designed to aid businesses in navigating this complex landscape on your behalf. Our strategic insights and solutions help streamline the business identity verification process for you and your business by verifying and onboarding any legitimate U.S. business by cutting out inaccuracies, friction, and non-compliance.