Risk Management

Everyone hopes things will go as planned. But We're Ready to adapt if things don't go our way

It's always great to be prepared.

Potential Problem 1 - Suppliers sending raw materials that are of lower quality than promised

Solution:

  1. Source only from reputable suppliers.
  2. Order samples to ensure quality.

Potential Problem 2 - Unexpected delays in raw material shipment

Solution:

  1. Maintain a base inventory to ensure no stock-outs. Forecast demand and plan accordingly.
  2. Have alternate suppliers (e.g. From neighboring countries) that have faster shipping and can ship a similar quality product.

Potential Problem 3 - Unexpected influx in demand causing long wait times for customer

Solution:

  1. Look for part-time helpers to assist with.
  2. Limit total orders to feasible amount, to ensure quality is not compromised with our final product.

Potential Problem 4 - Logistical challenges related to delivering final product (e.g. rough handling)

Solution:

  1. Test Delivery Partners, Select those which can ship Fragile goods well.
  2. Personnel (internal) delivery for high-priced items.

Potential Problem 5 - Competitors responding to our products with lower prices or new products

Solution:

  1. Observing for changes in the market environment.
  2. Pivoting to remain competitive.
  3. Create new products to surprise our customers. (pleasantly, of course!)