What to do if there are supply chain issues?

Supply chain issues? Demand for products declining? Frustrated and angry customers? If these are your problems, don’t worry, you aren’t alone, I’m facing the same issue, along with many, many business owners out there.

Let me explain why all of us are stuck in the same boat. While every business is different and demand for products differs, economic stability has hit everyone to the extent that no one has been safe.

What’s the situation?

Business owners are finding it hard to stay afloat and it is hard to take into account that their customer’s livelihood has also been affected. This means that everyone has had to cut back on spending, business and personal alike.

While being empathetic to the situation can only help your inner peace it does not erase the anxieties caused by this situation. For example, my friend’s business relies heavily on the stability of imports, as he deals with herbal teas which he gets from many different countries.

Do you see the issue? His reliability with customers is based on the steady import of the product, which has been affected greatly due to the current economic crisis.

With all of this demand for products has also been gradually declining, due to unaffordability, having to increase costs as well as just simply the product not being readily available.

All this being said it is important to stay on top of this. Coming up with business plans to ensure that you are steps ahead of the uncertain waters we are currently in. Some ways I have found are;

• Building backup inventory, and ordering in bulk can be scary but at this time it might be the most stable form of backup we have.
• Staying loyal to suppliers is important in my field especially, but I have found building relationships with alternate suppliers can help, due to having alternate stock paths.
• Communication is key. In every relationship. Telling customers about price increases, unavailable stock, etc. can help, it gives them hope that the business is trying and is apologetic for the problems caused. In addition to these, offering incentives when the stock is full can also help with customer satisfaction. Like sales, bundles, promotions, etc.

In these uncertain times, it is crucial to help each other out, business and customer alike, symbiotic relationships are the way forward!

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