Unless you have been living in a cave, everyone knows that supply chain issues and delays are widespread and affect many industries. For small businesses, it is even worse. Large companies, including major retailers, are using their own shipping to get needed supplies and inventory in time. Whether you have a retail outlet or an e-commerce store, it can be a challenge to keep popular items stocked and deal with impatient customers. Here are some ways you can prepare for these challenges and keep your business running smoothly as possible:
Keep Track of Your Stock
Even during the best of times, it is important to track your inventory. With frequent supply chain shortages, it is essential to know what you have in stock and what needs replenishing. You do not want to be caught off guard, running out of popular items and finding that it is difficult to restock them.
Increase Your Inventory Whenever Possible
It is not always possible to invest in excessive inventory when you have limited resources. In addition to budgetary concerns, you have to consider time, labor, and how much physical space you have. There are a number of ways you can increase your inventory:
- When a popular product becomes available, buy as much of it as you can afford.
- Look for deeply discounted items to stock up on.
- With an unpredictable supply chain, you never know when a certain product will become unavailable, possibly at short notice. Be proactive and anticipate such problems. Research alternative suppliers, preferably in different locations. This way, you will be able to maintain your stock even if a certain supplier is unable to fulfill your needs in time.
- You can also be creative about offering alternative options for your customers. For example, if you have a restaurant or food-related business, research alternative ingredients and dishes to offer customers.
Use Efficient Tools to Manage Your Supply Chain
Using the latest automation tools can help you stay on top of your supply chain and plan efficiently. Currently, supply chain management (SCM) software is mainly used by larger businesses, which may be dealing with multiple departments, locations, and niches. However, smaller businesses can also benefit from SCM, especially when supply chain issues are common. This software helps you track inventory, manage to ship, and keep updated on which items are moving the fastest.
Be Honest With Your Customers
Supply chain issues are in the media every day, so people are most likely aware that certain items may not be available or may take longer to ship. Be transparent about this with your customers. Explain on your website that orders may be delayed due to circumstances beyond your control. If you are having challenges with certain products, let people know about this before they place orders. Customers do not want to be surprised, expecting something to arrive in a few days and having to wait a month. And they can cancel their order, costing you sales revenue.
Stay Informed
While supply chain disruptions can occur at any time, in many cases they are predictable. The situation may be very different, depending on your location and industry. Supply chains can be affected by politics, economic factors, and weather conditions. Stay current with trends in your industry and with news affecting your products. If you can anticipate a likely shortage, you can take the appropriate steps, such as finding alternative products to stock. You will not always be able to predict every future disruption, of course. You can, however, prevent some problems by keeping up with the latest developments.
CyberThreats to Supply Chains
Cyber threats can interrupt any supply chain and in addition corrupt your own servers and data. If you store credit card numbers or any other personally identifiable information, you are at risk for malware insertion which may lead to a ransomware demand. If you are a manufacturer and you rely on particular suppliers, consider monitoring their cyber health with RedXray services @ https://www.wapacklabs.com/redxray - to both protect your supply flow and cyber security.
The future of supply chains is uncertain, many issues, such as climate change, political instability in various parts of the world, and the ongoing pandemic may continue to cause disruptions. There are some promising developments such as block-chain management of supply chains may offer creative solutions very soon. Small businesses need to do everything possible to prepare for all outcomes. This means being proactive, studying your data, looking for alternative suppliers and products, and keeping your customers informed.
Red Sky Alliance is a Cyber Threat Analysis and Intelligence Service organization and offers proactive solutions to protect your networks. Cyber intelligence is a needed key for your overall cyber security. For questions, comments, or assistance, please contact the office directly at 1-844-492-7225, or feedback@wapacklabs.com
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