It is a very distressing time for many, so what is very important here is to ensure that you have the right level of communication with your vendor network and vendor partners while also retaining the level of trust you put in them initially.
If you can get them on the phone or a Zoom call and just find out exactly what’s going on and encourage them to be as transparent as possible while doing the same yourself, that will give you a crystal clear picture of where things are.
The importance of communication was also made by Joe Iafigliola, who is the Chief Financial Officer for Safeguard Properties. In an interview with DS5, he explained that while of course, local vendors have been very important, now more than ever, they are vital and having a communication line with them is paramount.
“The dependence on local expertise and local vendors has always been true, but I think that evolution just continues,” he said. “If you have a particular outbreak of a dangerous disease that is so wildly inconsistent across the country, you cannot rely on a news organization or the internet or any other source to tell you what it’s like in that specific community, because it is unique.
This was perhaps most notable with Hurricane Harvey, and while we’re not talking about first responders here, there is still a depletion of staff, and that has to be accounted for.