Emerging times are inflationary. Soaring interest rates suggest recession ahead. Central banks across the world are working to tame the inflation.

Following business and supply chain strategies is the need of hour.

Focus on spend, vendor diversification, working capital management, developing cost conscious workforce, running a savings program, outsourcing/work flow automation should be implemented to tide the difficult times.

1. Spend Focus – Control and spend judiciously. No Maverik purchases. Postpone spend
2. Vendor Diversification – This should improve your BATNAs (Best alternative to no agreement)
3. Working Capital Management – Review vendor payment terms
4. Develop Cost Conscious Culture – Run a Savings Program
5. Automate, Outsource – Lower the Cost of Sales (CoS)

Avoid kneejerk responses or across the board cuts, which are too blunt. Stay focused to tackle the inflation.

Spend optimization, Supply Chain diversification, Working Capital Management, Cost Conscious Culture, Outsourcing and Automation will help you prepare for better times.