Has time run out?
We all know that time is money, but what happens if our time runs out? According to Adam Orlin, CEO of Blue Strata – an integrated end-to-end import and working capital specialist – an importer cold potentially lose millions if goods are delivered late …
He explains that as the festive season approaches, businesses that are sourcing foreign produced goods to meet customer demand should put an emphasis on proactively managing their supply chains. This could help avoid financial losses and reputational damage due to late deliveries – which will surely make the festive season less festive.
And the financial repercussions are clear; the value of goods would be severely eroded if they are delivered after the festive period. “Businesses cannot afford to make any mistakes during this period due to the financial value and urgency of delivery of the goods,” Orlin emphasises. “It is crucial for importers to have a comprehensive strategy in place to proactively manage every aspect of the supply chain.”
He adds that, while supply chain disruptions often occur unexpectedly, the risks increase during the festive period due to the volume of goods being ordered. So, as Orlin points out, importers need to have an early detection system in place to closely monitor the supply chain, mitigating disruptions along the way where possible. Furthermore, it is important to have more than one supplier on standby that can be summoned in the event of an emergency.
“Importers need to manage relationships with service providers, suppliers and customers in order to speedily resolve any issues that may arise.” Orlin explains that proper administration is also vital over this period as more customs stops and inspections are carried out to eliminate illegal goods from entering the country. Therefore, all necessary documentation, including invoices, should be prepared and checked thoroughly.
“As a rule, businesses should start importing goods as early as September to avoid any supply chain disruptions that could lead to delays,” Orlin advises. And with the festive season truly upon us, time has hopefully not run out … .