The coronavirus outbreak has shut down factories and workplaces worldwide, and both large companies and small businesses are scrambling to meet demand.
It’s a wake-up call for startups who typically have small teams and have to be resourceful to survive.
Wesley Kang is the cofounder of dress-shirt brand Nimble Made, and he said a major inventory delay made the last few months the slowest since the company launched.
The slump has highlighted the downsides of working with an international supplier, and now he’s working on new partnerships to diversify his supply chain.
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In a matter of weeks, the novel coronavirus outbreak has plummeted the US stock market and slammed global supply chains.
While large companies are certainly feeling the financial turmoil, small businesses face higher risk of permanent closure because they may not have the resources or capital to rise up from an economic downturn.
But this is also a time when a startup’s agility can be an advantage. Having a small team of, say, three to 20 people allows a company to quickly adapt to unprecedented circumstances, like a global pandemic.
Wesley Kang, cofounder of dress-shirt brand Nimble Made, …read more
Source:: Businessinsider – Strategy