0361: What To Do When Your Construction Company's Supply Chain Faces Disruption

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 0361, And It's About What To Do When Your Construction Company's Supply Chain Faces Disruption</strong></span></h1> <p> </p> <div>Having a family-owned construction business in times of uncertainty, we spent many sleepless nights wondering how we were going to make payroll. Where would our next job come from? Would it be profitable, or would something terrible happen to cause us to go bankrupt?</div> <div> </div> <div>If your company relies on material suppliers in various geographic locations, it's likely that at some point, your construction business will face a supply chain disruption. Whether that disturbance is caused by a virus, regulatory lockdown, international tensions, changes in local laws, or a natural disaster, there will probably be scenarios in which your suppliers or transporters face obstacles that affect your company. </div> <div> </div> <div> <div>Here are some steps you can take to respond to such situations and even prepare ahead of time for them. </div> <div> </div> <div><strong>1. Know your supply chain</strong></div> <div> </div> <div>An essential first step to any preventive or reactive plan is to know your supply chain. You and your team should know who and where in the world your suppliers are, where their suppliers are (if they have any), and any regional laws or international tensions that could affect your supply chain.</div> <div> </div> <div>Knowing how long transportation of goods takes can help you anticipate when your suppliers' disruptions will affect you. For example, if you receive goods from abroad and manufacturing plants in that country have shut down, you might not be affected for a month or two. This gives you some time to review the situation and react based on your current inventory and your clients' needs.</div> <div> </div> <div><strong>2. Reach out to your suppliers</strong></div> <div> </div> <div>Find out how the delays or issues affect your suppliers and how they