How well are you sleeping at night?
Every business owner has the odd sleepless night unless they are made of stuff that is as rare as hen’s teeth.
Usually it is the mundane sort of stuff that happens, key employee threatening to leave, an insurance event or the loss of a large customer.
However, there is something that is too oftne overlooked until it is too late, and that is security of supply for a critical aspect of your operation.
You don’t need me to tell you that the world is ever more unstable day by day, whether it is political upheaval, tariffs or infrastructure failure.
But have you considered how you would keep the lights on in the event that a supplier of a critical component for soemthign you manufacture decides to cease supplying you tomorrow or maybe hikes te price by enough to wipe out your profit margin?
It’s never happended yet in 15 years so why should it happen now? After all, we always pay on time and reguarly buy updated products from them.
Maybe so, but what if they were taken over by a larger firm who decided that your account was too small, or maybe decided to withdraw from a geographical area? You can jump up and down and protest all day long but you’d be spitting in the wind.
The best time to think about the unthinkable is when you have the time to think without any pressure.
How to address the issue of course depends on your own circumstances but it could range from sourcing alternative supplies, even if pricier, or look at diversifying.
And what about research into your supplier and their own market? When did you last do that?
Business that survive in times of crisis have a Plan B on stand-by and it is reviewed regularly.
So what are you waiting for?
It’s time to get a sleepless night, but one of your own choosing!
