Don’t avoid discussing with customers what is going on or attempt to conceal from them the truth of the matter.Thing is, if you try and hide anything from them, they will probably sense it and therefore start distrusting you.Problems are opportunities to build faith and reliance as you seek solutions, but the trick is being frank and forthright. Even better, try and set yourself apart from the competition by tackling challenges, especially ones that suddenly present themselves.Career counsellor JT Allen of myFootpath told Forbesmagazine: “Right now, you would be hard-pressed to find a person on the planet who hasn't heard that there are supply-chain issues.“Embrace the moment and demonstrate how you are working through it with your communication.”Master the balancing act of demand and supply2Although it’s easier said than done, peace of mind is at hand through inventory equilibrium. Growth is one thing, and targets help to get you there, but beware of over-reach.The trajectory you’ve set yourself could become the way that leads you astray.Short-term gain can easily turn into long-term pain as the momentum you create for initial propulsion runs away without your being able to control it.“So, don't strive for growth; survive for now and identify the factors that are causing the problems,” says Stephanie Wells, developer at Formidable Forms.“Once that’s done, the next step should be to come up with an efficient strategy to tackle the problems head-on.”Companies should know by now that having one supplier base is not a good idea, especially in these times of supply chain disruption.Having more than one source for your products and components is a good idea as it will help you weather storms, such as the havoc that played out on world markets as a result of Covid-19 and consequent lockdown measures.According to Pratik Chaskar, chief technical officer at Brainstorm Force, “ building better processes for the future includes having a robust supply chain planning and management system in place”.“This will help companies to more effectively manage their inventory, identify potential disruptions and mitigate risks. Another piece of advice is to build strong relationships with your vendors. This means regular communication and collaboration. By building strong relationships with your vendors, you can develop a better understanding of their operations and capabilities. This knowledge can help you better plan for disruptions and manage expectations.”Creativity can save the day on any day, which is why companies should always see whether they can diversify their products or add another element to their services.Samuel Timothy, chief growth officer at One IMS, says: “Adding on a couple of services to support existing customers is a good way to keep the cash f low going, even in spite of shortages and supply-chain issues.“It doesn't need to be super demanding for the team.“After all, with the amount of knowledge and experience you have, you'll be able to solve certain problems much more efficiently than any of your customers.”Finding f laws and avoiding supply-chain shortfalls and disruption should be one of the most important fundamentals for any company.According to Kelly Richardson of Infobrandz, “There are several ways that businesses can repurpose assets, inventory and capabilities to balance supply chain gaps.“One way is by using data analytics to identify underperforming areas of the supply chain.“Once these areas have been identified, businesses can take steps to improve their operations.“Another way to balance supply chain gaps is by using technology to automate processes and improve communication between different parts of the organisation.“Further, companies should ensure the physical and mental well-Don’t draw from the same source – diversify!3Services expansion means more options4Get to the gap and plug it up5Hold off on over-investing 6Although a well-stocked inventory is a sure way to buffer a business against supply shortages, it can be a costly affair, especially when it eats into profit margins.Fair enough, customers will be kept happy, timeously supplied with goods that the competition can’t provide because their shelves are empty. At what price though?Firas Kittaneh of Amerisleep Mattress argues that it pays to be mindful about getting just enough supply to minimise operational downtime, adding that “you'll want to avoid overpaying for more than you need”.“In the future, find opportunities to get materials and inventory at cheaper prices. When costs skyrocket, be careful not to utilise too much capital at that stage. It's hard to predict what will happen and when, but you don't want to put yourself in a position where you're constantly operating on thin margins and cash.”The KISS principle may be a cliché, but use it – it works!7Effective communication has become somewhat of a rare talent and a sorely missed one, because if there’s one thing that helps, it’s to Keep It Simple Stupid!Just ask Nick Venditti of StitchGolf, who says: “Streamline your communication efforts at every part of the chain.“Whether it’s with your being of their workforce.“Providing them with proper training to bridge the visible gaps in a supply-chain system is also essential.”To page 33
