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What Does Supply Chain Management Mean to Your Business?

By February 17, 2017April 4th, 2019No Comments

Can you count on your current supplier for your business needs?

Picture this: You are the proud owner of a booming business. You have done all of your research, found the perfect suppliers for all the parts you need. Boy, it wasn’t easy to find a supplier for that one special part you need to complete your product but you did it! Everything is running smooth as silk…

What happens if there is a major ice storm or flood? Roads could be washed out, maybe planes can’t land. Your parts could be in limbo while in transit. Or worse. What happens if the perfect supplier you found suffers damage to his building or a fire that damages machinery and is out of production until they can get back up and running?

Depending on the products needed for your business, it can be very difficult to find suppliers. And then when you do, you want to make sure everything is up to your standards so you can guarantee a great product for your customers.

If your supplier goes down, do you have a Plan B?

Many people don’t. If you have to find another supplier quickly, you could be forced to pay a higher price to get their goods rushed to you. If you are a small business, having to pay more for your parts can severely affect your bottom line. Also, if you do not have a relationship with them, you’re not sure that they can provide parts with the same quality or in the same quantity you are used to.

What can you do to avoid this happening to you?

1. Talk to your suppliers to see if they have a plan in place in case they go down for any reason.
2. Make an agreement with a second supplier to purchase from them in case of emergencies.
3. If you know of potential bad weather, try finding alternate transportation for your supplies.
4. If you can, try to keep additional stock on hand at times when you may have trouble getting more.

Don’t let your business be caught unaware. Call your insurance broker today to see how we can help with your business insurance. Pearson Insurance (506) 432-1550.

At Pearson Insurance…you will deal with real people.

These are people who will remember you. You will have the comfort of knowing that you will be able to deal with the same broker, so they know and understand your insurance requirements and concerns. We offer choice. We have a number of insurance companies that we can compare to make sure you are getting the best policy for the best price. Our Brokers are licensed, professionally trained, and offer expertise that allows them to provide top notch customer service. We are there to protect what matters to you and your family. We can leave you with the peace of mind knowing that you are dealing with a brokerage that has been in business since 1935!

Why not come and meet our team. Just click here to see the friendly face at the other end of the phone!

Source: CI Top Broker