Supply chain worries persist. A new survey by Anvyl, Supply Chain Outlook 2023, found that 25% of the over four hundred small and midsized business (SMB) owners surveyed said they were worried about their organization’s supply chain strategies and processes for the year ahead.
And they have good reason to worry since 31% of SMBs reported financial losses of up to 15%, with an additional 29% reporting losses greater than that.
Cost of operations has gone up due to supply chain disruptions since the pandemic for 79% of those surveyed, and 28% have experienced delayed cash flows. Respondents also noted that they have experienced damage to their brands (28%).
Additionally, 56% have had to switch suppliers in the past year, with “costs” and “consistent delays” being the biggest reasons why.
This research reaches the same conclusion as a recently released by the U.S Chamber of Commerce which found that 47% of small businesses currently find it hard to keep up with customer demand due to disruptions in their supply chain.
Companies are taking steps to address this with 89% of SMB owners & C-suite executives we surveyed saying they plan to make strategic investments in their supply chain management in 2023.
The areas of investment include:
- Increasing visibility (44%)
- Automating processes (35%)
- New Partnership (35%)
