OPERATIONS

For small business owners, understanding and managing a supply chain is vital to the success and sustainability of their operations. A supply chain is the network of people and organizations involved in creating and delivering a product, from raw material suppliers to manufacturers, warehousing, transportation companies, and retailers.

Effective supply chain management (SCM) helps businesses keep costs down, maintain quality, and ensure timely delivery. By optimizing these processes, you can reduce waste and improve your competitive edge in the market. However, when one part of the chain is disrupted (whether by delays, shortages, or economic challenges), it can lead to significant setbacks for your business. One such challenge, currently affecting businesses here in Alberta and across Canada, is the rise of tariffs and their impact on supply chains.

Introduction

As a small business owner in rural Alberta, you know finding ways to cut costs without compromising quality or efficiency is crucial to long-term success. Whether you are a seasoned entrepreneur or just starting your small business journey, it is important to have a budget and stick to it. Now that the new year has begun, it is the perfect time to refine budgeting strategies and explore innovative ways to minimize business costs. Let’s delve into the business budgeting process and check out some practical ways small businesses can keep their costs down in 2024.