Inflation proofing your supply chain is one of the most important steps you can take to keep your business moving in a positive direction. Here are the top areas to address for supply chain resilience:

Sourcing materials: Strengthen relationships with current suppliers so you get preference if there is a disruption. Audit important suppliers to make sure they have adequate scale, geographic redundancy and downstream relationships. Add alternates where needed.

Demand planning: Understand how not receiving materials from a given supplier will affect production, especially of top-performing SKUs.

Manufacturing downtime: How could you meet demand when production teams and/or facilities are not operating at full capacity or face an unforeseen increase in orders? If the answer is “subcontractors or temp workers,” make sure agencies are lined up and preapproved.

Warehousing: Consider also having a third-party logistics (3PL) provider on call in case a warehouse becomes unusable or you need to increase production to meet surging demand.

Inventory management: Complete visibility into current inventory, including both finished and unfinished goods, is critical to making informed decisions.

Customer service: When orders are delayed or can’t be fulfilled due to a supply chain disruption, you need a clear line of communication with customers. Use crisis management best practices to explain what’s causing the disruption and what you’re doing to resolve the situation.

If you have any questions about strengthening your supply chain or want to learn more, The Vested Group is happy to help. Feel free to reach out to us today.