Suppliers and Logistics
Go over agreements with partners and suppliers to ensure their plans align with yours. In the event of a downturn or other business challenge, you may need to make significant changes to your supply chain, such as alterations to the type, volume and schedule of your orders. Work with your suppliers to ensure that you are not caught out by variations in supply availability. Collaborate with other businesses in your area to see if there are ways you can work together to make your supply lines stronger and more efficient. In the event of economic hardship, your suppliers may be willing to work with you help your business continue to thrive. This may include deferred or reduced payments, waiving fees or the extension of trade credit. Work proactively with your partners and suppliers to have agreements in place before they are needed.