The Value of a Healthy Supply Chain
‘Supply chain’ may not be among the most glamorous terms in the business world. However, this belies its importance. So why is the value of a supply chain so often underrated?
A high-functioning supply chain works seamlessly to support your business’ operations.
Supply chains are relied upon by different organisations to different extents. However, they underpin businesses of all sizes and industries and form an integral aspect of day-to-day operations. Underperforming supply chains can damage your business’ own service delivery and potentially cause severe long-term problems. It’s therefore crucial not only to build a reliable, high-functioning supply chain but to continually monitor its performance.
Keeping Tabs on Your Supply Chain
As a business owner, there are so many things to manage inside your organisation. It’s therefore easy to lose focus on important external factors. However, you must keep a close eye on your supply chain to ensure consistent, high standards of service are being met. By closely monitoring your supply chain, you are able to quickly recognise and act upon changes to normal service delivery. Remember, challenging or changing a weak link now can help to ensure smooth-running in the future.
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You should think about your supply chain as an extension of your own business. After all, being able to deliver your products and services to your customers depends on the quality of your own suppliers. Therefore, consider your own company values when choosing a new supplier; do they complement your own?
In order to streamline success, you need to work with compatible businesses. However, there are three fundamental traits you should look out for when choosing your next supplier:
Reliable – Can you count on your supplier to deliver consistently?
Flexible – Can your supplier quickly adapt their services for your needs?
Service-orientated – Are customers at the heart of their service delivery, or an afterthought?
Above and Beyond?
What separates a ‘good’ supplier from an ‘outstanding’ one? Ideally, you need to find a supplier that is attuned to your business’ vision. An outstanding supplier should not only help support your business, it should help to develop it too. Your business relationship should be mutually beneficial – helping each to develop trust and build further upon it. You should act as referral partners and be advocates for each other’s services.
You need to continually monitor and review your supply chain in order to ensure its future quality and reliability. Ensure a clear and open dialogue is maintained with your supplier – quickly communicating any problems, and planning ahead to ensure your supply chain is primed for busy periods.
The Value of a Healthy Supply Chain
Ultimately, a failing supply chain can potentially lead to extremely negative business consequences. Therefore, it’s vital to keep a close and watchful eye on areas outside of your business – being able to recognise any warning signs early and acting accordingly. Cultivating a healthy supply chain is a crucial part of your business’ development.
Cultivating a healthy supply chain is a crucial part of your business’ development … but if you’ve not got experience in this area seek professional external help from growth advisors who have and take advantage of their knowledge.
Straight talking advice on supply chain thinking from Yorkshire Powerhouse
Now you’ve read our article on managing your supply chain – have you any more questions?
Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know:
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