Whether you’re buying products as a reseller, manufacturing with the help of raw material providers, or getting your own goods out as a wholesaler, there are few things that matter to the continuity of your business quite as much as your supply chain.
Here, we’re going to look at the steps you can take to ensure that each link in that chain is just as strong as it needs to be, and why it’s so important to focus on it.
Make sure you can trust your partners
When you’re looking at your partners, be they suppliers, fulfillment partners, wholesalers, or otherwise, the first thing you should focus on is regulatory compliance.
If the businesses you rely on aren’t compliant, then any legal trouble they hit can disrupt your business.
What’s more, they can even get you in some legal trouble if you are, for instance, being supplied with and selling products that aren’t meeting regulations.
Check where you should import/export from
The cost-effectiveness of your supply chain matters a lot in keeping your business profitable.
As such, when you’re looking at suppliers and resellers, be sure to look at whether importing or exporting could help improve that cost-effectiveness.
Find the relevant data on your market, like these confectionery industry statistics. See that you’re building the overseas partnerships that can help you take your business to the next level.
Measure the reliability of your partners
Bad supply chain relationships are the most common cause of supply chain weakness.
Effectively, you need to make sure you’re taking the time to research the key suppliers in the area. The best suppliers might be a little more costly to work with, to begin with, but at least they’re likely to be more reliable.
Furthermore, if you build good long-term relationships with suppliers, it’s likely that the price of working with them can decrease as they start to focus more on long-term profit with you, provided you prove to be reliable too.
Make it as traceable as possible
What makes a good supplier, fulfillment partner, reseller, or any other kind of partner in your supply chain? Transparency is number one and it should be an asset that you both keep a lookout for and constantly encourage your partners to provide.
For instance, they should be willing to share the location of your goods with you through fleet GPS tools at all times.
This way, you can continuously track their performance, which is not only good for measuring efficiency, but for keeping your customers in the loop, too.
Reduce errors on your end as much as possible
Supplier and fulfillment errors can happen, but so too can errors on your side.
Rather than using simple spreadsheet software to track each link in the chain, for instance, you should make sure you’re using supply chain specific tools to make sure you’re not prone to errors.
Any disruption in your supply chain will cause a disruption to your business.
Finding reliable partners, tracking the data of each link, and being prepared for hiccups can all help you ensure that chain remains strong regardless of what ripples come your way.