I read an article from Thomas Net, which is quite relevant to the current situation with supply chain issues. It speaks about the importance and effects of sourcing locally. Witnessing these current events only reinforces my personal and company's (CURO) mission to support and invest in local infrastructure. I encourage you to look in your backyard first when purchasing. These small, but mighty efforts lead to big impact. Here is some food for thought about the Benefits Of Local Sourcing. 1. More Flexibility Local suppliers are typically more reactive than suppliers who are farther away. They can deliver products quicker, and it is much easier for a supplier to coordinate a shipment across the neighborhood than around the world. 2. Greater Control The further away you are from elements of your supply chain, the less control you have over them. 3. Reduced Supply Chain Costs Many of these costs can be reduced by localizing your supply chain. And, with less money being sunk into logistics, there will be less weighing down your bottom line. 4. More Revenue Local sourcing doesn’t just help save money; it helps you generate more of it. 5. Good For The Community Local purchasing helps the local economy and the people who live there. Happy, well-paid employees are more likely to invest in local businesses. 6. It Helps The Environment Localizing your supply chain represents a tremendous opportunity to help the environment. When you reduce shipping and storage, you also reduce emissions and energy usage. Sourcing locally not only contributes to green manufacturing but ultimately helps you build consumer confidence. 7. Ability To Launch Products Faster Manufacturers who source locally benefit from working with companies in the same time zone, which leads to easier and speedy communication. You can resolve problems faster and launch products to meet consumer demands and spikes.
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