A higher turnover, a broader customer base, expansion into new markets, favorable financing opportunities, hiring talented personnel and increasing brand awareness are among the myriad of things that the prospect of a growing company promises.
But, growing also presents its own set of challenges and risks, and for
importers, the bigger your organization becomes, the harder it gets to keep track of all the movements within your supply chain.
The supply and demand that creates lightning fast growth for your brand or company can result in supply chain complexities and risks that perhaps you never knew were there (nor were prepared for)…until something goes terribly wrong, and you need to begin pinpointing issues and plugging the holes your profits will fall through, and that the consumers of today will tear open even wider.
“So, how do you address these complexities and risks?”
WITH A COMPLIANCE PROGRAM.
It addresses the rules, standards, regulations and requirements that your company or brand sets for its suppliers. These standards will create the accountability within the supply chain that consumers today are looking for. At this stage if you are pondering on the necessity and importance of compliance.
It’s an old example but we all now what happened several years ago… a leading toy manufacturer had to recall 1.5 million lead covered toys. The company ended up having to pay a $12.3 million settlement with another $2.3 million in civil penalties for violating a lead paint ban.
“Can your company afford mistakes like these?”
There are plenty of free e-books and online advice that walk you through how to avoid costly mishaps so you can begin understanding how to overcome your compliance challenges.
I’m guilty of reading… a lot! The thing is there is nothing like having a person with experience at your side that you can bounce ideas off and have discussions with to get final decisions that actually add value to what you are ultimately trying to achieve.
Experienced and well read means you know all sorts of solutions for questions like;
- Why compliance is necessary now more than ever?
- How to turn your compliance challenges into opportunities for growth?
- What specific audit results are needed for supply chain compliance?
- How do you go about creating a compliance culture for your brand?
On top of that Easycompliance can also offer you in-depth insights into the data analysis you can do using just your MSOFFICE package. Building a compliant supply chain that can sustain your company going forward. The key to your success will be how well you are able to integrate these changes into every tier of your brand and supply chain, creating opportunities that will give you a competitive advantage over your competitors.
It's data science! Not rocket science! 