A supply chain is what keeps your business going — as the name suggests, it’s the link between what you need, like raw materials, and the other businesses that are getting it to you. Like anything that relies on other people, there’s always a risk that things can go wrong that you can’t control.
Just think of what you have seen in the news over the past few months: COVID-19, political protest, even a massive ship shutting down global transport for a few days. There are other restrictions too, like the ever-increasing threat of hackers (which is why you want Hastings Mutual cyber liability coverage), changes in the price of goods, and regulations that change almost as often as government leadership does.
Your business doesn’t have to be a global power to need a steady supply chain; if the shops you buy your materials from to get your work done have empty shelves, you’ll need to find another solution. Almost two-thirds of business executives in a recent survey reported that “redundancy and resilience in their company’s supply chain are more important than speed and efficiency.”
How do you keep your company flexible enough to manage shifts in your supply chain? Try a few of these ideas — things you can do no matter how small your business is.
If you have a big project coming up, let your suppliers know that you’ll need more materials soon. If you use a lot of printed items like brochures and fliers, you don’t have to go to a printer who requires you to print thousands of extra copies for a lower bulk rate. Instead, find someone who can print just what you need. If you keep track of your customers, you’ll have a pretty good idea of the right number of copies.
If you haven’t switched to receiving electronic copies of bank statements, invoices, and other personal information, you have definitely been asked to take that leap. Making and managing payments online is the number one reason people come here to the Hastings Mutual website. It means less paperwork for them to store at home, and if they need to refer back to something, it’s easy to find with a simple search. There’s really no way to be more responsive to your suppliers than to work with them online.
When customers are looking for a product or service, they’re probably looking for a low price and something that meets their needs. But sustainability and environmental impact are almost as important to many people. Revisit your relationships with suppliers with that in mind. If a company you work with isn’t offering sustainable options or methods of doing business, is it the company you want to work with?
Of course, managing supply chain disruption isn’t all you need to reduce business risk. Here’s another good choice for you: a Hastings Mutual policy to protect your business. If you can’t operate your business due to unforeseen circumstances, we can help cover your costs. That’s just a start; our coverages will help your business stay flexible in challenging times.
The Mutual Understanding blog and Hastings Mutual videos are made available for educational purposes only. The information referred to is not an official company statement, corporate policy, or offer of coverage. Refer to your insurance policy for specific coverage. There is no representation as to the accuracy or completeness of any information found by following any link on this site. Please contact your local independent insurance agent with further questions and for more details on any insurance policy-related information you read here.
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