How much do you understand your supply-chain?
It sounds like a simple question, but it’s important to realise that a resilient supply chain can help you sidestep avoidable risks and grow your business.
Your supply chain is one of the most critical elements to running your business and disruption at any stage can have a devastating impact on your business. In the current global environment, this has never been as important as it is right now. Global challenges with shipping, port disruption, Covid related delays and political issues are causing chaos. Many businesses are facing supply chain disruptions which appear to be largely out of their control. It’s an evolving process, which is liable to change, and which done correctly, can enhance your brand reputation and build significant shareholder value.
Getting it right is an evolving process and which done correctly, can enhance your brand reputation and build significant shareholder value. Whilst the risk can never be entirely mitigated, you can dramatically reduce the likelihood of a business-critical event.
Are you aware of where the vulnerable touch points are in your supply chain?
It’s important you’re aware of the steps you can take to mitigate these risks.
5 ways you can reduce your supply chain risk:
- Increase your stock holding of raw materials and plan your stock access early, to reduce your uncertainty.
- Keep on top of your contractual obligations to ensure you’re covered if something goes wrong.
- Look to reassess your insurance limits and terms to ensure your business isn’t exposed.
- Take the time to manage your suppliers and understand where they may be exposed and how this could impact you.
- Be more proactive with your shipping and logistics – have a plan B and understand the current climate.
Would you like to assess the unique supply chain risks in your business or explore how to achieve the risk mitigation strategies listed above?
Don’t hesitate to reach out to one of our team about your supply chain.