Are we in danger of creating a perfect storm?
It’s amazing how resilient we can be as human beings. This also is true of how we approach our own future business, unless of course we get carried away in the current hype and tide of troubled waters. Of course, it’s going to be tough moving forward to future business stability, but here’re a few thoughts and pointers on how to survive the biggest of waves
We are cognisant of the evolving daily situation but we’re already assisting in the preparation of dealing with the turbulence and uncertainty with our current clients.
Let’s focus on just a few key areas that affect us all and look at ways we can alleviate the effects on our own businesses.
As the pandemic heightens many companies are brilliantly demonstrating their flexibility in both product supply and most importantly ‘thinking differently’.
A new normal will exist, if you can define yours, you have a far better chance of survival!
Supply chain disruption - As businesses, we rely on complex supply chains with multiple inputs. It should be expected to witness significant and unexpected disruption. Price variation is a certainty but probably more damaging will be extended lead times and variation in supplied specification.
- Look to understand your supply chain in considerable detail. As an example; do you have alternative supply for essential parts? Do you have alternative parts identified? Do you have a specification ready to use?
- If you import goods or products - look at your method of import – the backlog created; by frustrated demand, will be considerable. Partners who have full AEO status and accreditations like IATA cass have an advantage which must be valued fully (cost must not be the arbiter here).
Consider your Product offering - As the worlds’ economies come back on stream - few businesses will be able to have an uninterrupted period.
- What else can you offer, as the (changed) demand will be there? Now is the time to increase your Marketing based on ‘ask us’ we have the flexibility, ease of use, supported by a partnership approach. It is not wrong to look nationally as the opportunity to partner will bring many unexpected benefits, least of which is new opportunities.
How do your team need to adapt to the ‘new normal’?
The pressure to reduce capacity or overall costs will be considerable and for many essential to survive.
- Do not rush into ‘chopping off’ things you may need – Rather, have a clear and flexible plan and create it now!
- Be clear on what functions will add the most value to your business. It will be essential to consider your future direction carefully at this point as it may not be going in the same track as you left it before the Pandemic. Increasing flexibility of process and approach is essential.
- Be open with your team and explain the situation – innovation is a ‘thought process’ everyone has a point to make and who knows a great idea may emerge from discussions once the full situation is shared [even your good suppliers can help you]
“GoodValue” is what your customers’ experience and pay for.
Summary
Whatever your business category; the recognised ‘Supply Chain’ will change as a result of this unprecedented Pandemic. Therefore it is up to each and every business to evaluate how this affects your current business. There will be a transition period where product / service and process considerations will need to effect change. Therefore your teams will be a key part of your future state. It is therefore essential to include and engage your team in discussions.
In so may ways adversity is another version of change. Change is something that can be managed, chaos is not!
We help to change perceptions by assisting with improved working methods. We work to ‘align functions’ and increase your business ability and profitability.
…and most of all we are Independent Growth Consultants, on your side!
Contact us for a no obligation chat or to find out more gives us a call we’d love to hear from you
