We understand this is a hard time for suppliers, with lockdowns and virtual working challenging suppliers to stay afloat. Over 3,800 suppliers in the Achilles Network are at financial risk if the COVID-19 crisis lasts for more than 6 months and cash flow is critical for suppliers. Buyers paying invoices quickly is imperative for ensuring supply chain health and securing a strong supply in the long term. From our recent survey, only 36% of buyers stated they were considering extending payment terms for suppliers.
To ensure long term survival for suppliers, along with getting paid on time, it’s equally important to stand out from the crowd and be visible to prospective buyers whether you’re working from home or not.
We’ve put together 5 practical steps that you can implement today with your Achilles membership during COVID-19.
5 key steps to guide SMEs through the crisis
- COVID-19 Contract Opportunities – check out what products and services buyers are sourcing during the COVID-19 crisis such as ventilators and valves. Does your organisation provide any of these products?
- If you do provide any of these products, it’s best to check your Achilles profile reflects this in your Product and Service Codes. Review your current selection and ensure it’s as comprehensive as possible, including accurate regional provision and any contact references relating to work you have already completed.
- Also make sure your Marketing Statement and Contact Details are current and accurate. Ensure your marketing statement is showing enough information and check your contact details to ensure your main point of contact is still current. We’ve seen cases where buyer enquiries have gone unanswered due to the main point of contact being on furlough. Don’t get caught out and miss out on work.
- Now you’ve checked out potential opportunities and updated your Achilles profile, the time has come to promote your efforts. Make use of the Achilles Community Stamp on your website, email footer and vehicle signage. Ask our team for a copy of your community stamp.
- Don’t forget to utilise Social Media to spread news of your organisations hard work. There are 630 million professionals on LinkedIn and 4 out of 5 members drive business decisions in their organisation, even if they may be working from home. Tag @Achilles-Information-Ltd on LinkedIn, or @AchillesLtd on twitter, and if we see your tweet, we’ll re-share it.
We’re here to help
We are undoubtedly in unprecedented times and we understand suppliers are struggling. If you need extra support, reach out to our dedicated COVID-19 Help Desk team who can provide practical advice on getting through this together.
Or, watch the recording of our webinar: A tactical apporach to COVID-19 for suppliers
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