As the holiday season draws near, mounting concerns about availability of items including food, essentials like toilet paper and even gifts for children have continued to make life stressful post-pandemic. Among other factors, labor shortages have had a ripple-down affect on the marketplace. In these challenging times, businesses and corporate executives need supply chain security guidance more than ever. In this post, we’ll discuss three ways that companies can work towards prepping for the upcoming season.
Three Ideas for Slowing Supply Chain Shortages
Supply chain shortages have recently been making the news, as consumers seek answers in order to understand why some shelves are bare. NBC News discusses this exact issue in their article and the New York Post specifically focuses on food shortages and hoarding.
To help mitigate shortages, businesses would do well to implement some of the ideas below in their overall holiday strategy.
- When investing in the stock market, it’s always safest to spread your net wide by placing your investment in a variety of companies. In the same way, by working with multiple product vendors for the same / similar supplies, you’re insulating your company from shortages if one vendor can’t keep up with supply-and-demand. This enables you to continue selling product.
- Maximize your use of technology whenever possible. Technology can help your business perform many functions faster and can help offset labor shortages that can slow production down. Seek help in looking for ways where your company can be more efficient and where you can avoid “funnels” that stifle productivity.
- When necessary, pass information along to consumers / buyers / employees as soon as possible. This helps to alleviate frustration and allows people to budget time and resources towards buying early or looking online for other options if needed.
With all this being said, please always keep in mind that employee relationships shouldn’t suffer in the name of productivity. Taking care of your staff may cost a little more up front, but will reap maximum rewards long-term as you develop trustworthy relationships with your team. This will help your company to succeed in the long-run and means a lot to consumers who don’t always have “the bottom dollar” in mind.
Learn More About Supply Chain Security Consulting & Risk Management
Supply chain shortages continue to be a significant issue, and business professionals should take steps to deal with these issues by preparing beforehand. Please click to learn more about the supply chain security consulting services offered by IMG.
About IMG GlobalSecur
IMG GlobalSecur is a leading firm in international supply chain security. Corporate or business organizations concerned about the need for detailed and robust international security planning can reach out to IMG GlobalSecur for assistance. The company’s expert security consultants provide executive, employee, PIP, and expatriate travel security, threat and risk assessments, crisis management planning, and more.
Sources: https://www.forbes.com/sites/allbusiness/2021/06/29/5-steps-to-protect-your-business-from-supply-chain-disruptions/?sh=580706ca3455, https://www.uschamber.com/co/start/strategy/supply-chain-disruption-prevention, https://www.inc.com/maria-haggerty/coronavirus-global-supply-chain-disruptions-protect-business.html