In this episode of Get to the Contest Small Business Podcast, I want to talk to you about something that’s often overlooked by small business owners—It’s all about supplier relationship and your business reliance on them. I'm not just talking about suppliers of products, but also suppliers of services, referrals, and more.
Listen in as I talk you through a few scenarios of supplier reliance and let’s take a look on how these circumstances may affect your businesses.
In this episode we answer the following questions and some tips to overcome them:
Here are some key takeaways from this episode:
Conduct a risk review. Go through and look at your business at the various mentioned risk factors and see what applies to your business and make no assumptions that the status quo will be in place.
Look at the likelihood of each risk. I know some of these things might seem unlikely, but also look at the size of the damage to your business should something happen. Now, that will then lead you to a course of action where you either take steps to reduce the likelihood of the event happening, or you take steps to reduce the damage that would occur if the event did happen.
Do this assessment on an annual basis because as your business grows and evolves, so will its risk. And so will your supplier's risk change and evolve as well. So, do this on a regular basis, just to make sure that your assumptions around your business continuing, your business just doesn't fall apart due to something that's beyond your control that happens to a supplier.
In this episode of Get to the Contest Small Business Podcast, I want to talk to you about something that’s often overlooked by small business owners—It’s all about supplier relationship and your business reliance on them. I'm not just talking about suppliers of products, but also suppliers of services, referrals, and more.
Listen in as I talk you through a few scenarios of supplier reliance and let’s take a look on how these circumstances may affect your businesses.
In this episode we answer the following questions and some tips to overcome them:
Here are some key takeaways from this episode:
Conduct a risk review. Go through and look at your business at the various mentioned risk factors and see what applies to your business and make no assumptions that the status quo will be in place.
Look at the likelihood of each risk. I know some of these things might seem unlikely, but also look at the size of the damage to your business should something happen. Now, that will then lead you to a course of action where you either take steps to reduce the likelihood of the event happening, or you take steps to reduce the damage that would occur if the event did happen.
Do this assessment on an annual basis because as your business grows and evolves, so will its risk. And so will your supplier's risk change and evolve as well. So, do this on a regular basis, just to make sure that your assumptions around your business continuing, your business just doesn't fall apart due to something that's beyond your control that happens to a supplier.