Has Covid-19 Affected Your Global Expansion and Supply Chain? Consider doing these things...
Are you wondering how Covid-19 has affected expansion and global supply chains? How have some companies thrived? The right policies and procedures can help...
Since early 2020, much of the global economy has been in the grips of the Covid-19 pandemic. Some industries have been thriving and were able to grow organically, while others have not been so fortunate.
With so many companies having to adjust their operations and find new ways to provide their customers with the products and services they want (and need), 2020 has proven to be a challenge. However, the payoff for those who were able to shift their business model has reaped the benefits.
The key to their success has primarily been the ability to act fast, being flexible with operations and manufacturing, and implementing the right technology, policies and procedures to protect their business while navigating the new business landscape.
The Covid-19 Impact: Global Expansion and Supply Chain Logistics
How Have Expansion and Supply Chain Been Affected?
Overall, the growth and expansion of most businesses slowed down, especially as things began to escalate in China, the U.S., and other key areas of the globe.
Due to the significant increase in demand for various products and services throughout the rise of Covid-19, some companies have still managed to expand into new markets.
This is especially true for those who were already operating online or were able to shift their operations to focus their efforts on their online presence.
One trend that emerged stronger in recent years was the desire and need to manufacture products domestically—a sense of economic nationalism that was encouraged by politicians, supported by consumers, and made necessary by the disruptions in global supply chains.
To meet the demands of their customers, many businesses had to find new ways to produce everything from personal care hygiene items, home improvement materials, home-gym equipment, right up to home-office setups.
Throughout the Covid-19 pandemic, it became very clear to business owners and consumers alike that whether we like to admit it or not, our existing supply chains relied heavily on global partners.
It was also an eye-opening revelation for many that even the slightest disruption to one link of our supply chain can have far-reaching consequences at every level.
How the Right Policies and Procedures Can Help Your Company
When looking at the companies which were able to manage their operations and even potentially experience growth and expansion, it is clear that they were able to do so in part due to their flexibility with changes to their policies and procedures.
Having the appropriate policies and procedures in place allowed these businesses to proactively prepare for shutdowns, limit risks for their staff, and reduce disruptions for their customers.
Some of the policies and procedures that have proven to be crucial for successful businesses for the bigger part of 2020 were:
● Adjusting or implementing policies involving options to work remotely or by other alternative means such as rotational schedules that reduce contact with others and promote social distancing
● Changing to policies related to employee leave to reduce issues with staff potentially being exposed to Covid-19 and risking the exposure of your workforce, thereby risking your entire business operation
● Enhancing the procedures involving your IT department and cybersecurity. During the Covid-19 pandemic, there has been a drastic increase in cybercrimes, which puts your company at risk of a loss of IP, financial theft, and much more
● Updating shipping policies to reflect any changes to supply chains to avoid issues with customer complaints and service levels
● Implementing procedures to aid in meticulous inventory management
These are only a few ways that companies have used policies and procedures to protect themselves and maintain their ability to meet the demands of customers in every market they serve.
The strain of Covid-19 shutdowns, travel restrictions forcing supply chains to pause operations, and putting plans for global expansion on the backburner were all very real for many business owners; however, there are ways to mitigate these issues and get back on track.
Planning for future impacts resulting from Covid-19 outbreaks and economic disruptions is a wise choice, even at this point in the game.
Has your company adapted? If not, I can help you to write and enact tailored policies and procedures that will help your business grow, despite the challenges and obstacles posed by a global pandemic or other unexpected development. Contact me to book a consultation and set your business up for success!