Second only to labor costs, supply chain management can eat up a hearty chunk of your operating expense budget. The process of negotiating with suppliers can also take up a hefty amount of another valuable resource: time.
Don’t let your supply chain manage your time and money. Take back control!
It is no surprise that businesses in control of supply chains are those who build management strategies into their long-term operations plans.
There are typically three kinds of supply chains in any small business: product, information and financial. Remember that none of these chains are mutually exclusive and that within each chain, often lays another.
Supply chain activities like planning, sourcing, producing, delivering and providing returns are collaborative and inherently integrated.
Small businesses tend to struggle when they neglect to manage the chains individually.
These tips can also aid in supply chain management:
1. Track all materials in the manufacturing process. Detailed sourcing reports can allow for investigation into the lowest cost, highest quality options.
2. Identify risk and note key components to the chain. This detailed visibility will provide a safety net for when things may start to fall through the cracks.
3. Enable participation at all levels. Adequate employee training and an established level of trust in their abilities will allow the chain to flourish. Strengthening each link individually increases the overall power of the chain.
Other strategies include improving supplier performance, compressing cycle time, increasing inventory speed and utilizing supply chain management systems, such as online software programs.
The Four C’s of Email Marketing
Small businesses often fall into the “email marketing gap,” experiencing a void in their marketing resources. Abiding by the “Four C’s,” Collect, Connect, Convert and Circulate, can help. Collecting leads, Connecting prospects to services/products, Converting prospects into clients, and Circulating relationship-building agendas is the recipe to email marketing success.