If you are affected by shortages of supplies, equipment, and pharmaceutical products due to the coronavirus, remember these 8 strategies. Each one is harder to implement than it sounds, especially when important decisions are made upstream or downstream in the supply chain and seemingly not in your control:
1. Reduce unnecessary consumption (waste)
2. Renegotiate prices (offset higher prices with lower costs)
3. Buy from multiple sources (to have backup options)
4. Join a buying group or co-op (or form one)
5. Buy options on future inventory (or reserve capacity)
6. Reserve capacity at suppliers (for a price)
7. Stockpile (build inventory)
8. Offer suppliers long-term supply contracts
Boston Strategies International has each of these many times before at both large and small scale, and can effectively implement or advocate for you during this challenging time.
