Federal Budget 2020 recap: SMEs need to focus on supply chain vulnerabilities

In this fifth and final part of our series on the 2020 Federal Budget and SMEs, we examine how supply chains have been disrupted this year and how the Federal Government’s focus on supply chain is critical. We will also look at the role businesses need to play.

The COVID-19 pandemic has exposed supply chain risks across the world, and no one has been immune. Everything from national healthcare stockpiles to individual business inventory has been impacted. All Australian organisations must grapple with the ramifications and examine what the long-term impact on their supply chains will be.

Companies large and small that purchase overseas goods or export goods are the most obvious, but even the smallest local service businesses are impacted because they buy goods in order to operate.

For many, the disruption of supply chains is the single greatest threat, and all businesses should be exploring supply chain diversification to boost their resilience. Business owners should also be broadening their client base to spread risk