This year has been like none other. For many businesses, they’ve been faced with a host of challenges no one could have ever predicted. And many have been forced to pivot, changing their business model without much notice to ensure they stay afloat. For businesses selling internationally, the year has presented specific struggles around logistics and operations during a global pandemic. And even as we publish this, the challenges are still there. Which is why, this blog will provide information on how to continue your supply chain, even during times of crisis.
As supply-and-demand changes – sometimes on a daily or hourly basis – understanding how this impacts your product offering is vital. Global trade technology platforms allow you to stay on top of international tariffs as and when they fluctuate. Using these, you’ll be able to factor in the actual profit made on every single sale and make adjustments as and when is needed. Doing so gives you an advantage, allowing you to make adjustments to costs and ensuring your business continues to thrive.
The regulations, limitations and legal issues are changing every week. This means that the previous terms and conditions that you signed up to and agreed on are likely to change along with this. It is important, in a time of great change, that you stay on top of the contracts and documentation you’re agreeing too. Make sure to read and analyse the small print, paying particular attention to exclusions and corrections. Understanding the new rules will ensure you stay financially sound and can make the right decisions every single time.
As we try to wade our way through a global pandemic, it’s understandable that security will be heightened. This is particularly important when shipping to certain countries, such as the US and China. To stay in keeping and ensure your products pass through customs, you will need to clearly understand these rigorous changes. This makes it easier to avoid financial penalties, audits or investigations. Analyzing the data regularly and understanding when increased scrutiny is likely to happen will make your logistics and operations smoother overall.
Here at Radius Warehouse and Logistics, we specialise in USA and Far East inbound and outbound movements. This gives us the experience and expertise to help you navigate through these confusing times. If you require any assistance, please feel free to get in contact with a member of our professional team here today.