The infamous coronavirus (COVID-19) has greatly impacted every industry on this planet, but it has taken a particular blow to the manufacturing industry. The virus’s disruptive effects are trickling throughout global manufacturing supply chains and its consumers. The hold on production has caused manufacturers to rely on inventory stockpiles. Once these limited resources run out, the shortages will cause prices to inevitably increase. The combination of limited supplies, travel restrictions, and workforce shortage can make it difficult for manufactures to fulfill their obligations to their customers and clients. These fulfillment delays could have a great impact on consumer relations, brand reputation, and could even result in financial or legal consequences.
A brand is a promise to its consumers. A promise that a company needs to constantly deliver on to keep the brand strong. When a company fails to deliver on its promises—even if the reason is due to forces beyond its control—the brand can be negatively affected. The way manufacturers respond to the shortages or delays brought by COVID-19 is key to brand preservation and competitive differentiation. Demonstrating leadership, transparency, and continuous communication can earn customer loyalty.
In the midst of this global crisis, SynFiny Advisors is working remotely to ensure our clients receive the services they need to continue their operations effectively and efficiently. For more information on how SynFiny Advisors can help your manufacturing company during these difficult times, visit synfiny.com.