- Persistent supply chain issues have been stressing businesses, with small companies facing greater challenges
- Leader at a supply chain platform offers tips on enduring supply chain disruptions
- Diversification, contingency planning, and planning ahead are important steps
Summary by Dirk Langeveld
Supply chain disruptions have been a persistent issue facing businesses as a backlog in container ships, labor shortages, and other issues contribute to shipping delays and inventory shortages. While large businesses have sometimes taken extraordinary measures such as chartering their own ships or investing more in air freight, small businesses typically don’t have the resources to do the same.
Darryn Garson, the chief growth officer at the supply chain platform IBrands Global, recently offered tips on how small companies can endure such challenges. The suggestions include:
- Diversifying your supply chain to ensure that your materials aren’t coming from a single source or point of entry
- Looking into domestic sources, which offer faster speeds and more reliability but come at a higher cost, as well as options in Mexico or Latin America
- Having a contingency plan if any breakdowns occur in your current setup
- Planning ahead to determine your future needs, such as seasonal surges in demand, to build up your inventory accordingly
