With manufacturing slowing and anxiety growing, reinforcing your supply chain post-Brexit has never been more important.
Many different factors can affect a supply chain, not least the complications created by the new customs and trade arrangements.
Here are our three top tips to keeping your business moving post-Brexit and beyond.
Know your business inside out
If you export or import goods to or from anywhere in the world, you already know how much has changed over the past three months.
From new customs and shipping procedures to workplace and visa changes, staying “in the know” is the key to ensuring a strong supply chain.
To support your learning, consider investing in specialist training, attending webinars, and subscribing to helpful, sector-specific newsletters to keep in the loop.
If you need specialist advice then it may be worth seeking professional advice from an accountant, such as ourselves.
Identify weak links in the supply chain
Think of the supply chain likea carefully assembled set of dominoes; if the domino behind you falls, will you fall too?
Protect your business by carrying out a comprehensive audit of the supply chain, identifying the ‘weak links’, which could disrupt the flow of goods and making the necessary improvements.
For example, can you diversity the supply chain by sourcing commonly traded commodities from multiple suppliers? Can you stock up on hard to obtain materials in anticipation of future disruption? Or can you find a new supplier based in the regional market you are dealing with?
Prepare for any eventuality
If you knew that Brexit and the coronavirus pandemic would strike again, how would you prepare differently?
By identifying how and where things went wrong, you will be much better equipped to deal with future crises.
For example, if your business struggled with the transportation and movement of goods, could a pre-approved, alternative provider come to the rescue?
While potentially more expensive, alternative hauliers could prevent your business from grinding to a halt.
If stock was your issue, it might be wise to invest in a buffer should the flow of goods suddenly stop. Yes, your cash flow will take a hit, but slower continuous trading is much better than no trading at all.
If recent events have taught us anything, it’s that it pays to be prepared for anything.