From a lack of raw materials to delayed deliveries owing to lockdowns – the COVID-19 has had a profound impact on Canadian supply chain management.
This has had a significantly adverse effect on businesses as customers remain unfulfilled and subsequently turn to the next best alternative. This is a serious issue — 75% of companies report to have supply chain hiccups due to pandemic-related restrictions.
However, businesses need to make the most of what they have and show an ability to adapt to exceptional circumstances like these.
Let’s explore further:
Prevailing And Potential Challenges For SMBs
Considering the past year, you may have a lot to dwell over in hindsight, but ask yourself, if something similar creeps up next time, are you now prepared to handle it with grace?
That’s said, let’s address two common challenges that small and midsize businesses are facing because of the pandemic:
A Dip In Revenue Streams
No matter the industry, most fell prey to the pandemic, with revenues taking a toll for the worst. For instance, food-based businesses had to turn down customers to adhere to social distancing practices or were asked to close shop until further notice. Stores that remained open saw huge losses as customers preferred shopping online from home, where they felt safest.
This is what led to many big and small businesses opening a digital front. From local farmers to brick and mortar stores; most invested in turning their business online.
Constant Barriers To Seamless Operations
Supply chain management issues have definitely been a significant challenge, considering its end-to-end implication coupled with a shortage of supplies and logistics barriers due to nationwide lockdowns. Some sectors were the most to suffer, whereas some thrived due to agile behavior or a robust digital infrastructure that made remote working possible.
For instance, tourist industries suffered because of travel bans; restaurants had to rely on online orders, and so on.
Businesses that relied on supplies from different countries or states suffered huge losses as their supplies could not be delivered.
To make the best of the situation, you should have an open conversation with your suppliers and see if they have the ability to deliver your goods when need be. If there is a significant gap, find suppliers that can cover all grounds and provide you with efficient delivery so your business does not suffer.
Still, if supply chain issues pose a challenge for end-users, don’t leave them in the dark. Be forthcoming and tell them how it is rather than create a web of lies that you will eventually be caught in.
Remember, big-box firms like Amazon, eBay, Alibaba also faced operational challenges. Their ability to adapt and make the most of available resources is what helped them through.
If you get items from abroad, which seems to be impossible for the time being, consider turning to local vendors.
Not only will you support your community in these troubled times, but you will be able to complete your orders within time.
Turn To WDG Logistics
With the current business landscape being volatile, agility in business is a necessity.
Let WDG Logistics help you prepare against all adversities thrown your way. Our almost two-decade experience and highly skilled staff leverage us to provide you with the best supply chain management solutions to reduce the effects of COVID 19.
We can create, implement, and deliver comprehensive supply chain management strategies that are perfect for your business and situation.
For more on this, visit our website today!
