Business Struggling From Covid? Follow These Tips
Over the last few months, the healthcare industry has been thrown into turmoil by shortages of key medicines. Companies may be facing the loss of valuable sales by just a few days, or even days, by failing to effectively plan for the transition. Businesses that have healthy, long-term plans and processes to adapt to supply shortages or unexpected shutdowns can often avoid hurting their customer relations.
Here are some ideas to help your business prepare to survive a health disaster and keep customers on your side.
Turn to Suppliers
First of all, do not rely solely on the supply chain for your fulfilment needs. Many companies have been purchasing their medications directly from drugmakers, leading to oversupply and high prices, and possibly having to pay a premium in the long run. Businesses that have supply channels beyond drugmakers can guarantee steady, reliable deliveries.
Next, keep an inventory of your supply. The inventory can provide flexibility. It also allows companies to see their supply chain — which may actually be broken. When unexpected disasters occur, business may not immediately respond in a timely manner, and customers may have difficulty getting deliveries that are expected on demand.
Before planning any aggressive turns around, make sure you have a clear understanding of your customers’ needs. While a short-term turnaround may help right now, customers will still expect a level of service in the long term. You can help business customers stay on your side by preparing for longer-term needs.
Create Future Supply Plans
In the long-term, you should anticipate demand and identify demand gaps. This includes identifying preferred drugs that customers may not have access to, determining how the demand gap may affect your business, and choosing from different sources to fulfill those gaps. It can be helpful to follow other manufacturers’ product lines to identify what may work well in your industry. You can also look at other similar business in your market to see what features their businesses have and what features you can use to improve your own.
Hire Business Turnaround Services
Once you’ve identified a gap, it’s time to turn around your business with CFOshare business turnaround specialists. This requires a lot of planning. There are different methods for turning around different situations. Some methods are more flexible, like breaking long orders into smaller orders that can be filled quicker.
Turning over shorter-term orders to temporary sources may be quicker, but can leave customers with uncertainty. Using businesses like co-packers or warehouse companies that can move inventory to meet short-term orders can also be helpful. Some businesses choose to stop short-term orders and move them into a warehouse so it can be picked up from there. These can then be combined and packaged, helping companies get quick access to available supplies.
During a turn around, it is also important to keep a close eye on the weather forecast and the forecast of the surrounding area.
Planning for unexpected business turns around depends on doing your research. Make sure you have complete supply chain visibility and know which customers may suffer the consequences. Keep an inventory of your products and build in advance for future adjustments. Have an educated strategy to support your company in the best possible way. Remember that your customers expect a standard level of service.