Some basic short-term and long-term strategies can help small-business owners withstand current conditions and shore up supply chains against future turmoil.
Labor shortages, shipping backlogs and slowed production — caused in large part by the ongoing coronavirus pandemic — have left business owners scrambling to source everything from couches and car seats to rubber and lumber.
1. Short-term: Double down on customer service Keep your customers in the loop and set realistic, rather than optimistic, expectations for delays. Businesses also can find big and small ways to stand out from competitors, which are likely experiencing the same supply problems. Something as simple as stock notifications can give your business an edge, getting your product in front of customers as soon as it’s available.Educating customers on alternative products and workarounds can also build loyalty as you wait for merchandise to arrive, Stan said.
Keep close tabs on key products and diligently track prices, shipping times and other economic factors to identify abnormalities early — then act, says W.C. Benton, professor of operations and supply chain management at The Ohio State University’s Fisher College of Business. Brick-and-mortar retail stores can reconfigure product displays to showcase available items. Online retailers can highlight in-stock merchandise that ships quickly. And restaurants can reimagine menu items to play up easier-to-source proteins and produce.4. Long-term: Diversify your supply chain “Only resilient supply chains can survive,” Benton says.“Don’t just rest on one,” he says. “Figure out which ones add value to your business.
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