As your business grows, the industry environment and climate evolve. As a result, what was once working for your supply chain may not be as efficient anymore. Furthermore, it a very delicate structure, one that needs nurturing and attention. So, what can you do to manage your supply chain when your business is growing?
Know your position
A supply chain is an intricate network, and as your business grows, your place in the network may shift slightly. It is essential to review and understand your position in this structure regularly. This can be as simple as drawing out the supply chain in a map. From there, you can then work out where potential risks lie and put in place appropriate contingency planning.
It can also help to physically map out your customers and their customers, too, so you can work out exactly what events may impact your business.
A successful supply chain requires excellent working relationships. You can do this by checking in regularly with those in the supply chain, sending short surveys to your customers and making sure no link in the chain is neglected.
Be smart with data
Real-time data is becoming more and more essential in the business world and data from yesterday is, frankly, yesterday’s news. By gathering and utilising data effectively, you can stay ahead of customer demand and work with all of those in your supply chain to make things run as smoothly as possible.
Look for every skill
Your supply chain may be more complicated than it needs to be because you are unaware that your suppliers could be doing more for you. It is essential to fully understand the skillset of your suppliers as they may be able to reduce the complication and some of the risk in the supply chain. Similarly, you need to make sure your clients know exactly what skill set you have, as there may be additional services you can provide, which can boost your revenue.
Be on time
The best way to strengthen the relationships in your supply chain is to be consistent and to be prompt. Paying on time may seem obvious, but many suppliers struggle with late payments from their clients, which causes cash flow problems. Keep relationships happy by paying promptly. That’s where GapCap’s Supplier Finance facility could come in handy. Supplier Finance allows you to release funds to improve cashflow, while also assisting workflow capital for suppliers. Read more about our cashflow solutions here. Alternatively, check out our post on Supplier Finance and how it could aid your business.