Do you remember the toilet paper panic buying scenario during the onset of the pandemic?
Since the beginning of the pandemic, supply chains have been making headlines. The supply chain struggles have affected most of us in one way or another. And if you’re following up on what’s going on with the baby formula shortage right now, it’s an undeniable fact that supply chains significantly impact our society and economy.
Supply chain strains are caused by various factors, from shutdowns and the rising cost of production, to trucker issues, warehouse, and worker shortages, reduced inventories, inflation, and a whole lot more.
From a business standpoint, this could become a major problem over time – and contracts play a huge role in improving your supply chains while reducing the risks involved.
In this episode, we discuss how you, as a business, can better your supply chains with better contracts. We also outline other things to consider when renegotiating your supplier contracts, which is especially relevant in this post-pandemic world.
Finally, we can’t stress enough the importance of having transparent communication about your supply chain issues with your potential purchasers. Transparency helps you meet your compliance obligations. It also better manages your consumer expectations thereby maintaining trust, protecting your brand, and reducing complaints or negative reviews.
In this episode, you will hear:
- Why transparent communication with consumers important
- Ways to improve your supply chains
- Benefits of supplier diversity
- How to diversify your portfolio contract
- Ways to reduce the risk of forced labor
- Key factors for success in reshoring lines
- Clauses to include when you’re renegotiating your contract
- Considerations when you have a direct-to-consumer delivery model
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Script drafted with help from Obiter Marketing
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com.
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