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Supply chain issues are one of the main problems businesses encounter at one point or another. It would help if you had an efficient supply chain to keep your customers happy with your services and products. Supply chain delays can be caused by industry shortages, lack of preparation, and unexpected customer demand. Please continue reading to learn everything you need to know about fixing supply chain delays when they arise. Our advice will help you anytime you encounter a delay that affects your business.
Prepare for Increased Demand
You might see an increased demand for a specific product in certain situations. For example, if you have holiday or seasonal items, you will notice many customers purchase those items around that time of year; alternatively, if one of your products becomes more popular than you expect, that popularity will drive more people to your business. If you suspect you will have increased demand for your products and don’t deal with perishable inventory, you should stock up to play it safe. You may have some leftover inventory, but having a little leftover is better than not having enough to satisfy many customers. However, it would help if you were careful too because ordering too much of a single product in overstocking could also be dangerous.
Talk With Suppliers
One of the best ways to combat supply chain delays is to build healthy relationships with your suppliers. A strong business relationship in your community is an excellent way to navigate supply chain delays and encourage your suppliers to help you. For example, treating your suppliers with respect and always being on time will encourage them to return the favor. However, if you’re always running a late meeting with suppliers or you delay your payments, then they are unlikely to prioritize your business needs. Remember, there’s always a person behind a company, and you must keep people happy if you want to work with them effectively.
Keep Your Customers In The Know
When your company experiences supply chain delays, you must inform your customers about the situation. However, you don’t have to give them all the gritty details about your circumstances. Simply stating that there is a supply chain delay due to shortages or other reasons will be enough to satisfy your customers and let them know that you recognize the problem. When customers can’t find the products they want, they need someone to point the finger at, and if you don’t make a statement, they will point the finger at you. Refusing to acknowledge customer concerns will put you in bad standing with those who want to buy your products or services.
Consult A VMI Company
VMI services are a great way to navigate supply chain delays and keep your customers satisfied. There are vendor-managed inventory services for every type of business you could imagine, and these services work to manage any supply chain issues. Consult with a VMI company and ask them what resolutions you can expect when you use their VMI services.
Examples Of VMI Services:
- Warehouse tracking and management allows you to view and monitor incoming and outgoing cargo.
- Systems that track the demand for a product so that you always have it stocked on time.
- The VMI company will find vendors and distributors for your products so that you no longer have to worry about changing suppliers.
- Vendor-managed inventory services will help you keep your inventory organized so you don’t spend money on labor finding items in the wrong spot.
Using a VMI company to help you with your inventory is a great way to maintain customer relations and cut costs. Even though it does cost money to use a VMI company for your inventory tracking needs, you are better off with this method because it will allow you to spend more time on other business demands. You can set up a consultation with a VMI company to figure out how much services will cost to accomplish your business goals. You can agree to use some of the services they offer instead of all if you feel like it would be more affordable. However, many companies that use BMI services typically sign on for all the services offered to take more weight off their shoulders.
When your business experiences supply chain delays, it would be best to rectify the problem as soon as possible, or you could lose loyal customers. Customers want to find products easily and don’t want the hassle of constant supply chain delays. If you run into a delay here and there, it’s fine, but if you constantly have these delays, your customers will notice. All the tips above will help you navigate and treat your supply chain delays to stay afloat.