Learn how to Effectively Manage your Supply Chain
As we move forward through 2022 a major challenge currently being faced by businesses is with managing their supply chain and logistic operations. Past events have highlighted the importance of having a reliable source for your supply providing an efficient and affordable service to support your business growth.
What Makes up a Supply Chain
Your supply chain is the internal procedure within your company that begins with your suppliers and/or manufacturers and concludes when your customers receive your goods. The logistical aspect then consists of transportation, warehousing, and storage, which are all critical components of your supply chain. Having a strong supply chain can be very beneficial to your business, therefore it is important to know where you stand with your supplier should any issues arise.
There are a number of key issues possibly affecting your supply and logistics, including the disruption caused by COVD, the rise in oil price brought on by the war in Ukraine which resulted in higher transportation costs for business logistics, and adapting to government pledges with regards to the environmental impact. However, overcoming such challenges can result in resilience and growth for your business.
What constitutes a healthy supply chain?
A healthy supply chain is efficient, versatile, and as future-proof as possible. Firstly, consider whether your current suppliers are a good match with your business. Having a good relationship with your suppliers can cultivate real partnerships and helps with ensuring security of supply in times of instability. Secondly, look at other suppliers available on the market and make sure you are working with cost-efficient vendors. It’s good to keep in mind that cost-effectiveness does not necessarily mean opting for the cheapest available supplier. It is important to also take into consideration quality and efficiency. Other factors to consider when looking at suppliers include dependability, environmental sustainability, the possibility to support e-commerce if needed.
Developing and Managing your Supply Chain
Not sure from where to start?
If you’re a new or growing business, developing and managing your supply chain can prove to be particularly tricky. With the support of a business advisor you can discover innovative solutions and take advantage of new supplier prospects, get support with raising necessary funds to reach business goals, and improve your business strategy.
To learn more about how we can help you with managing or improving your supply chain get in touch on firstname.lastname@example.org or call us on 79 903 685 for a free consultation appointment.
In the previous post, we looked at the importance of leadership skills and how they can be improved. This blog...
For any business, having a business strategy is crucial as it defines the company by assigning its values and goals...
Most businesses often employ a small number of people and are run by a small team. Having a larger number...