Covid-19 Crisis: Smart Tips for Businesses to Deal with Disruptions
Impact on the supply chain, sales, and eventually, profitability is probably the most dreaded outcome for any business. With the COVID-19 coming into full swing, we are observing some of the worst times across all industries.
Many companies are taking drastic measures to keep their business afloat during this period. In times like this, we have to be savvy to rise up to the global crisis. Before making any nuclear decisions, take a look at some of our recommendations from a logistics perspective to fortify your supply chain from COVID-19.
RE-VISIT YOUR PRODUCT OR SERVICE MIX
Customers have changed their purchasing habits and priorities as the pandemic intensifies. With the implementation of the Circuit Breaker in Singapore, non-essential businesses are being temporarily ceased to prevent the further spread of the virus.
Although the situation may seem bleak, there are well-performing products and services that thrive during this period. The demand for household items, medical supplies, and deliveries has soared as the general public is staying safe at home.
First of all, you should re-evaluate your product offerings to supply the demand of customers. Take some time to research and plan what you can possibly focus on. Products that are seeing exponential growth include bread machines, training weights, food products, craft kits, and body care products.
Secondly, you can consider running promotions. Keep your customer base engaged and interested. People are staying at home and spending more time on their computers or mobile phones. It is the perfect opportunity for you to stay competitive and portraying your activity and relevance.
Finally, if you offer a range of products, this is the period where you should prioritize your most popular products. By focusing on what brings you the highest turnover and margins, you will be able to plan and forecast your requirements more effectively. In this period, don’t be afraid to put less successful products or developmental products on pause.
By classifying and prioritizing your products, you will be able to save significant costs and ensure that your profits are not impacted so drastically.
STREAMLINE INVENTORY MANAGEMENT PROCESS
If your business relies on cycling inventory or materials, you would be facing disruptions during this global pandemic. Countries are being locked down, businesses are slowing down which would cause delays in your supply chain.
Some items in your supply chain are crucial in production or manufacturing. Once you have formulated a continuity or focus plan, it is time to stock up on essential and safe materials to ensure that your supply chain or production line is able to continue if ever your supplier – especially from overseas, is unable to deliver to you for a prolonged period of time.
VENTURE INTO E-COMMERCE SPACETake your business online. Multiple countries have encouraged or even enforced people to stay at home and quarantine themselves. Take this opportunity to start taking advantage of e-commerce platforms to sell.
A quick glance at the benefits of e-commerce:
- Reach a wider audience especially since people are shopping online more
- Save costs of owning and running a physical outlet
- Consolidate and track all your sales, the progress of your product or service for more prudent planning
- Remain competitive
- Operate and manage your business on-the-go
REVIEW LOGISTICS COSTSUnderstandably, the logistics industry has taken a hit from the ongoing crisis. Costs are going up, while activities are going down. There will be miscellaneous surcharges along the logistics chain, and you should re-evaluate your spending on imports and exports while understanding the capabilities of your service provider.
It is important to ensure that your service provider has the capacity and resources to safeguard your operations. You want to engage in a service that will assure minimal impact without any extravagant cost increments.
DHL Express Singapore courier service wants to lend a helping hand to your business’s logistics needs. Our comprehensive door-to-door service guarantees speed and service quality, right up to the point of delivery. Our all-inclusive network allows us to retain our prices and manage customs clearance support in all countries. Rest assured that our service continues to operate at full capacity, regardless of the situation.