4 Ways to Ensure Supply Continuity Amid Uncertainty

The COVID-19 pandemic has disrupted the overall supply chain across the world within a short span of time. This pandemic has proved that natural disasters are capable of causing irreversible disruption just in an instant.

However, continuity of supply is crucial for any business to keep it up and running. As a business owner, you will need to stock up your goods to keep your business operational and to render services to your customers.

If anything disrupts your supply chain, a supply continuity plan is needed to keep your business moving. A continuity plan outlines how you expect products and services to be supplied when your regular supplier is not an option. It should also include how you plan to communicate the interruption of your supply and minimize the effect on sales.

In case you have realised you do not have an emergency plan during the coronavirus outbreak, you are not alone. You could consider implementing the following steps to create a supply continuity plan for your business:

Think How Supply Disruption Can Impact Your Business

Before deciding on how to move forward, you will need to have a clear picture in your mind. How this disruption may impact your capacity to render your clients with goods and services? What impact this disruption may have on your revenue generation? You will need to find answers to all such questions before you think about proceeding further.

Check If You Can Procure Goods From An Alternative Supplier

In case you have backup suppliers already in place, ensure to make the switch now since it is a good time to do so. In case you have no backup suppliers to start with, or your backups are not available, you should think about expanding your view. You’ll need to see if you’re in a position to afford a costlier supplier until your regular supply chain resumes to operation. You must analyse about which all local suppliers you could probably partner with.

Work Closely With the Nearby Local Businesses

There are chances that the other businesses in your field also might be experiencing the same supply chain disruption as you. Look at partnering with your local businesses during this time and do not rule out your competitors as well. Collaborate with each other and come up with innovative ways to keep your business running without the resources you would usually be dependent on.

Communication is the Key!

You will need to be honest and upfront regarding your supply continuity struggles. Create and execute a communication plan to relay your Business Continuity Plan (BCP) with your staff, suppliers, and customers. In case you already anticipate that you do not have the supplies you need to satisfy your customers, please let them know immediately. Tell them what you are doing to minimize the effect of your business and how they can help it. And make sure you are open to your vendors and salespeople. They may have recommendations that you can leverage while getting back on their feet.