Every business, no matter the size, is affected by the global supply chain issue in one way or another. Here are some key facts and statistics about how disruptions in the global supply chain are affecting businesses:
- Conflicts with labor resignations and cybersecurity issues continue to cause bottlenecks at the ports of the United States. Without the service of people who can transport goods across the country, some of our ports are combating an 80 percent increase in congestion.
- Some companies are experiencing understaffing because of vaccine mandates and required COVID-19 testing.
And these are issues that are only affecting the U.S. You can just imagine how many smaller businesses or small and mid-sized enterprises (SMEs) in developing nations have had to close up shop because supply chain issues took a toll on their operations and finances.
Moreover, the world also has to contend with conflict in Europe, which further aggravates our already grave supply chain problems. Now more than ever, small business owners and entrepreneurs need to gear up and do all that they can to fight for their businesses. Unfortunately, it takes our leaders both at a state and federal level to make policies that will reduce transportation delays and costs, but as business owners and individuals, we can also do our part.
If you own a small business and you’re dealing with the ramifications of the world’s supply chain issues, here are some things you can do to keep your head above water, at least until all this is over.
Look for efficient tools and software to help you manage
There are tools you can use to track, manage, and optimize commercial fleets. These solutions have a tried and tested fleet vehicle tracking and monitoring system that can help businesses do the following:
- Manage risks and enforce fleet safety
- Perform some vehicle diagnostics
- Install and manage devices
- Conduct business intelligence
- Provide excellent customer service
- Send reports through an organized and user-friendly dashboard
- Hold drivers to account and ensure they are driving safely and efficiently
- Save fuel and automate tax filings
By opting for solutions, you invest in a tool that will help you keep track of your supplies at a time when you need them most. Let 2022 be the year you finally embrace technology and everything it can offer to help your business not just survive but thrive as well.
Keep track of the stock you have
It’s always good business practice to stay on top of your inventory, especially during the time of a pandemic a potential world war. When we experience frequent supply chain shortages, business owners need to stay up-to-the-minute on their current stock, how much is left, and what products or supplies need replenishing. The last thing you want is to be caught off guard and lack your most popular products.
Stock up on popular items
This brings us to the next pointer, which is to keep increasing inventory for your most popular products and items. Stock up on these items and supplies as long as the opportunity presents itself. Here are some ways you can ensure you are always stocked up on your most bought products or services:
- Buy as much of the product or supply as you can afford as soon as it becomes available.
- Seek financial support or financing so you can invest in more stocks or inventory.
- Find discounted items so you increase your profit margin.
- Expand the space that you have by renting more warehouse space or a storage solution.
By ensuring that you have enough inventory for your store’s most popular items, you don’t have to worry about the next time you run into supply chain issues because you always have stocks to fall back on.
Stay informed and educated on current events
There are no two ways about it: Being a good businessman means being up-to-the-minute on global issues and how they can disrupt the supply chain. The thing with supply chain disruptions is that they are often unpredictable, but we can determine some conclusions based on the state of the world, economics, weather, and international politics. Observe current events and learn how they can affect your industry and location.
For example, the invasion of Ukraine by Russia can curtail the global supply of commodities and steel, which can affect semiconductor production like palladium and neon gas. The rise in oil prices will also affect production and transportation costs. Being updated will save you from being surprised in the future.
Tough times don’t last, but tough businessmen do. Keep your business afloat by combating the effects of supply chain disruptions. You can do it.