With rapidly changing headlines and the conversation on tariffs evolving daily, it can be difficult to know what the best course of action is to ensure business continuity. How can you prepare when you don’t know what to prepare for?
The most interesting part about this situation is the fluidity of it. The on again, off again environment we are living in right now, makes it difficult to navigate. What we do know is that this is not the first time we have seen a disruptive supply chain landscape in the past 10 years, and it certainly will not be the last. We’ve seen geopolitical conflict, trade wars, port congestion, COVID-19, and the Texas freeze, just to name a few. The one constant is that disruption is everywhere and, ultimately, how we manage it is the most critical part.
I spent my early career working within and leading elements of supply chain at Cook Medical. When potential disruption hits, I like to lean on those early days to consider an approach that works for my team(s) today and, ultimately, prioritizes our customers. With this in mind, there are a few key areas I recommend our customers focus on to mitigate risk when working with suppliers:
The best advice I can give right now is to embrace communication and proactively share updates, be it good or bad, around changes and events that are impactful to your business. Also, look for those small improvements that can be made today and will yield incremental improvements in the short- and mid-term. There is unfortunately, no magic formula (we wish there was!)—it’s all about being flexible, communicating well, prioritizing actions based on probability and risk, and working closely with partners.
Looking to learn more? Here are a few other articles I’ve found helpful: