The COVID-19 outbreak has given many businesses today a rough time, especially in the aspect of growth and making a profit. As the virus spreads throughout the world for the past months, it is quite an unfortunate scenario for anyone who thrives in keeping their supply chain intact.
Since a lot of places such as cities and provinces are currently under quarantine, it can be an absolute challenge for an enterprise to reach out to their customers, let alone their suppliers. Failure to find a solution to this issue could be highly detrimental to your business.
However, there are ways of how you can minimize the negative effects of the pandemic on your supply chain. Here are some of the best tips that can help your supply chain to survive during the COVID-19 outbreak:
Know More about Your Suppliers
With obstacles that are about to befall your line of communication, it is crucial for you as the owner to know more about your suppliers. Make sure to make an assessment regarding their capabilities to comply with your agreements during this situation. Ask them whether they manufacture the goods you receive from them, or if they receive it from others. Having such information can help you identify potential issues and the future and plan a strategy ahead of time.
Understand the Possible Implications of the Pandemic in terms of Demand
The rise and fall of demand for these times can depend on the type of business. For example, grocery stores tend to have a significant increase in demand for their products since people would most likely buy to replenish their food supply at home. This is, of course, not the same case with other businesses such as those that thrive in entertainment and leisure.
You need to consider what type of business you have, as well as your target market, in order to develop a more efficient response. You also need to keep in touch with your suppliers and talk with them regarding possible changes, especially in the arrival of their deliveries.
Study the Restrictions or Guidelines about Importing and Exporting
To hinder the swelling number of those who are infected with the virus, governments across the world implemented their own quarantine measures, which greatly affect the existing regulations in importing and exporting goods. If your business involves international importing and exporting products, then you need to know about these new guidelines.
Prepare a Pre-emptive Plan
Considering that China is one of the countries that got severely devastated by the virus, it won’t be a surprise that it will send a negative domino effect in global trade. There are still no clear indicators that this pandemic will be over soon, so always expect the unexpected. Prepare multiple alternative options in case of any disruptions in the part of your suppliers and be wary of early warning signs such as any changes in your suppliers’ payment terms.
Give Consideration for Your Workers’ Health and Welfare
Your workers play an essential role in making your supply chain in a stable condition. In line with this pandemic, successful businesses tend to survive because of the support that they receive from the loyal workforce. To look at this situation from a positive perspective, it can be an opportunity for you as the owner to show that your worker’s health and welfare will always be paramount. Adjust and develop new working practices like remote work and increasing your automation methods.
Excelsior Worldwide Freight Logistics conducts free orientation for those who are willing to learn. It is our advocacy to share our knowledge & experience worth more than a decade in the business. Visit our website today at www.excelsior.ph to learn more about our service.