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HOW TO PROTECT YOUR BUSINESS OR OVERCOME SUPPLY CHAIN ISSUES

Provided by: - May 5, 2023

By HANNAH POLK

For the Regina & District Chamber of Commerce

As a business owner in Canada, it is important to be aware of the potential issues that can arise within your supply chain.

With so many people having their products shipped directly to their home, stress on our international supply chain has increased drastically in the last decade.

Here are a few tips to help you avoid supply chain issues and protect your business:

Diversify your suppliers

Having multiple suppliers for the same product can help reduce the risk of supply disruption.

This way, if one supplier is unable to fulfill an order, you can turn to another supplier to meet your needs.

Build strong relationships with suppliers

Establishing good communication and trust with suppliers can help you quickly resolve any issues that may arise.

For example, discussing potential problems in advance and having frequent check-ins, you can ensure they understand your business needs and are able to adapt to any changes in demand.

Develop a contingency plan

Having a plan in place for dealing with unexpected disruptions can help your business quickly recover. This includes identifying potential risks and developing strategies for addressing them, as well as having backup suppliers and inventory on hand to help minimize the impact of any disruptions.

Mallika Khandelwal, in a blog post from OpenGrowth, explains that it is imperative to have multiple back-up plans.

“As part of your contingency plan, set aside an emergency budget specifically for use when a supply chain disruption occurs,” Khandelwal writes.

Keep an eye on market trends

Keep up to date with the latest industry trends and stay informed about any potential problems that may arise.

This could include changes in regulations, natural disasters, or other disruptions that could affect your supply chain.

By staying informed, you can anticipate problems and take steps to mitigate their impact.

Use technology

There are many digital tools available that can help you manage your supply chain more efficiently.

This could include implementing a chatbot onto your website to answer customer queries, or using a software to keep track of inventory.

By automating these processes, you can free up more time to focus on other areas of your business.

Be flexible

Be prepared to adapt to changes in the market and be willing to change suppliers or adjust your inventory levels as needed.

This will allow you to respond quickly to any disruptions in the supply chain and minimize the impact on your business.

Remember that supply chain management is a continuous process, and should be monitored in an on-going basis.

By being proactive, you can minimize the risk of supply chain disruptions and ensure the success of your business.

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