There’s no question that individuals, companies, and entire nations have been deeply impacted by this global pandemic. Yet, we’ve also witnessed these same people and communities step up, putting in great effort to flatten the Coronavirus curve—and now businesses are starting to take steps to prepare for when the economy rebounds. Short-term strategies are underway to manage cash flow and inventory, but what happens after the curve? Are we headed toward a recession or depression? Will things return to normal?
What should you be doing right now?
While we can’t influence the broader global market, we can control our supply chains and cost structures, which greatly affect margins and bottom-line results. Here are some suggestions to help you get ready:
- Take action now by using this downtime to document business needs, wants, and interests across more than 64 cost areas
- Gather and analyze spending data
- Update drawings and specifications so suppliers can provide accurate quotes
- Identify supply sources both locally and internationally to establish a true market benchmark based on your geography, part mix, volumes, and operational requirements
- Develop detailed, phased implementation plans for direct, indirect, and transportation spending categories
- Recruit top internal and cross-functional talent to join category teams
Why is HANCOCK Consulting ready to assist you?
With over 40 years of experience, HANCOCK Consulting has encountered it all. We’ve guided clients through market fluctuations caused by wars, natural disasters, financial crises, recessions, and now pandemics. We collaborate closely with our clients, and our proven methodology supports management decisions based on facts and data—not rumors or daily news reactions. Don’t just take our word for it; our clients share their success stories.
While we prefer to work directly with you and your teams, we understand that’s not always feasible today. Nevertheless, much valuable work, planning, and data analysis can still be done remotely.
There will soon be a window when suppliers aggressively pursue business to restart their operations. Contact us today and let’s proactively tackle market conditions to ensure you’re ready for what comes after the curve.
We’re here to support you!
Please reach out to us at +1 (312) 291-4640 and ask for Julian Kent.
Byline: Julian Kent is a seasoned expert in Operational Management Consulting specializing in Global Supply Chain & Procurement. With more than 20 years of experience, Mr. Keller has assisted Fortune 1000, Private Equity, and Middle Market firms in generating billions in added value to their bottom lines.
