The virus outbreak continues to expand across China and beyond its borders, leading to a negative impact to manufacturing around the world.
Lots of small factories have cut or paused its production, and even some have gone broke because of the epidemic. For international trade, the supply chain is the first to be affected.
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So, how to minimize the impacts on your supply chain? Here are some tips for your reference:
1. Complete an assessment of each of your suppliers to ensure that they are not going to negatively impact your business.
Firstly, it’s important to figure out the real situation of the virus spread of the country where your suppliers in.
Secondly, communicate with your suppliers immediately about their actual production status.
Thirdly, make short-time assessment about your suppliers’ situation, and decide whether it’s necessary to find an alternative supply.
2. Identify alternative suppliers in non-impacted regions of the world to diversify the supply chain.
If your existing suppliers can’t meet the demand on time, you have to find some new. It’s self-evident that the suppliers with products in stock should be the priority choice. Beyond that, the suppliers from the uninfected region or the region where the situation is turning for good are the second choice.
3. Prepared a channel that could help you find reliable suppliers immediately when emergency occured.
There are lots of ways to source products, but getting the reliable and professional suppliers is not an easy task. In addition, at present, sourcing products without the risk of getting infection is a new demand for us.
So, if you are doing business for furnishing and building materials, BuildMost is the best channel for you to source. Over 30,000 audited suppliers of building industry are waiting for your inquiry online. Click here to experience it now!