A supply chain is a series of companies who co-ordinate their activities to deliver goods and services to consumers and gain an advantage over the competition. Being part of a supply chain involves working with:

• Retailers
• Manufacturers
• Transporters
• Distributors
• Suppliers
• Storage Facilities

Managing a supply chain involves overseeing materials and finances as they move from supplier eventually making their way down to the consumer. A supply chain manager has three main duties to oversee:

• Supplying raw materials to manufacturers.
• Converting raw materials into finished products through manufacturers.
• Ensuring the products reach the company through your network of distributors.

Supply chain managers are also responsible for finding the most optimal methods of transporting and distributing their inventory. To ensure an optimal supply chain make sure to:

• Minimize transportation costs as much as possible. This will save you and your consumers more money down the road.
• Ensure quick deliveries. Plan out the fastest routes for your drivers ahead of time.
• Use the right type of transportation. There are many different methods of transportation to utilize when distributing inventory. Choose one that best suits your economical and inventory needs.
• Move merchandise in the proper quantities. Moving too much or too little inventory will just end up costing you money.

For more information on supply chain management read this Canada Business page.

For advice on your small business needs, call the Winflow Financial Group at 1.800.956.6897.

At Winflow Financial Group, our consultants help entrepreneurs with our experience. Tell us about your business or investment today and find out how we can help your business save money and grow.