How can small businesses overcome supply chain issues?
The global supply chain issues have affected businesses worldwide significantly. Astute business models are facing notable obstacles as unforeseen events are disturbing their supply. A recent study from Skynova showed that nearly half of small businesses have been affected by supply chain issues and two-thirds said they’ve had to adapt in at least one way to deal with recent concerns. It is critically important that UK SMEs take the appropriate steps to overcome the current supply chain issues.
Having an experienced supply chain strategy is crucial for the continued success and progression of SMEs. It can allow them to build strong relationships with their suppliers, buyers, vendors and distributors. Businesses must provide considerable time to evaluate and adapt their business strategies and be open to welcoming technology. Technology has improved the efficiency for three in four of UK small businesses and 76% of SMEs have used tech to boost their business operations and operate more effectively in the last year.
Small businesses must be ready to change and adapt. Two-thirds of small businesses listed materials shortages and delays as their top operational challenges, with 45% of small businesses saying they had to adapt their business to handle supply chain disruptors.
One of the most impressive facets to the UK’s private sector is its dynamic small business landscape. SMEs throughout the UK saw impressive growth throughout 2021 and have continued this momentum into 2022 with 56.2% reporting a rise in earnings in the last quarter of 2021 versus the same period of 2020. With 58% of small businesses predicting an increase in revenue this quarter compared to last year, the supply chain issues must be considered significantly.
UK small businesses have adapted and continue to progress over the past few years, but supply chain issues continue to be an obstacle for them. SMEs must consider these issues within their business plans. Small businesses must invest in technology and become as technologically savvy as possible. By doing this it will allow their business to maximise their customer base as well as keeping their overheads under control. Utilising technology in your small business can differentiate you from your competitors, gaining more business as well as providing easier supply chain solutions.
Working with investors up and down the country, IW Capital has seen tremendous demand for SME investment opportunities and the ability to support growing firms in the sector. To find out how IW Capital could maximise your investment opportunities, please contact the team today on 020 7015 2250, or email email@example.com.