3 reasons why accurate record keeping is important for every plastic scrap deal
One of the aspects of scrap plastic trading that is often overlooked – but is very important – is keeping track of all the items that are composed in a deal. One of the things to look for in a scrap plastic trading partner is, “Does this company have an accurate system in place to keep track of records?”
For example, here at BlackBridge Investments, on every scrap plastic order, we keep track of a variety of details including:
- Pickup and Delivery Dates
- Source details – who is the seller, what is the material, and what is the material cost?
- Buyer details – including purchase order numbers, and selling price.
- Logistics – which trucking/shipping company are we using, what is the trucking cost for the order, and what are the weights of the truck?
- Scale tickets (to keep track of the weight of each shipment)
- Loading photos (to have a record of the shipment as it appeared after being loaded into the truck)
- Invoices (to keep track of who agreed to pay how much, to who)
We are also developing our own proprietary system for managing scrap plastic trades, which will include document storage and record keeping as one of the major components. One of the things we’ve learned in this business is that accurate record keeping can be a big competitive advantage, and we want to have the best system on the market to help us do this more effectively.
Here are a few reasons why accurate record keeping is so important for the scrap plastic industry:
- Ensure more efficient trades: If you have a reliable, efficient system of record keeping, it makes it that much easier to execute efficient scrap plastic trades. If you have accurate records, everything is ready and the information is available when you need it. That makes it easier to look up data, find source information, and create repeat trades for similar situations.
- Preserve your reputation: Accurate record keeping is a big help in avoiding disputes and keeping your trading partners happy. If you have accurate records, you have the ability to protect an order, clarify any disagreements, and keep everyone informed on who agreed to deliver what materials, for how much money. Your scrap plastic trading partners will have more trust in your integrity if they know you keep good records and have a well-organized system in place.
- Provide better customer service: Being involved with a scrap plastic trading company is kind of like working with a doctor’s office or insurance company or any other company that keeps track of sensitive customer information – it’s important to be able to get access to the information you need, when you need it. What if a customer calls you with a question about an order that was fulfilled a few months ago? What if one of your customers needs a scale ticket or a purchase order, or needs loading photos to help complete a shipment? Better record keeping makes it easier for you to quickly respond to customer inquiries and avoid problems before they start.
Customers who are buying and selling scrap plastic want to work with companies that are reliable and organized. Your record keeping can either reinforce or undermine your credibility in this area.
What do you think about this? What are some ways that scrap plastic trading companies can improve the accuracy of their record keeping? Have you had any “horror stories” where a scrap plastic trading partner couldn’t deliver a certain document or crucial piece of information that you needed? Let us know in the comments.