This year was not a complete disaster business wise but it sure won't go down in the record books either as more like one to forget. No complaints as at least the business is till functioning which was the goal when we set out at the beginning of this year.
Over the last 3 - 4 months the government controlled supplier has piece mealed out orders due to their own shortages. This has forced us to close our factory far earlier than planned as there is no point staying open. Every other competitor is in exactly the same position. Checking back on the records we have only received 28% of the raw materials requested since August. The phone ringing off the hook from customers seeking stock tells it's own story as no one has stock to sell.
There is one other supplier that we could use, but due to new import duties/tariffs imposed on them they are now not a viable second option. This was planned protecting by the Government as all the manufacturers would have moved away from their control otherwise. Those duties only came into affect around 6 months ago and has crippled the industry since which is super dumb as they have lost taxes in the process.
The only way we can do anything about this for next year is to change tact so we don't have all our eggs in one basket. What is the point if you are being restricted by what materials you can run. If this trend continues into next year there will be no business left and not just us but every competitor in our fields of specialty.
I have literally been thinking out the box and prepared to go out of my comfort levels yet again to find other solutions. New skills for new machinery and learning on the job is what it is boiling down to right now. Rolling the dice and gambling has never been an option and still wont be this time. This will never be a gamble as I will have to get outside help to make sure it succeeds.
Fortunately I have surrounded myself with knowledgeable people who run their own factories. One of my mentors did somehting similar 5 years ago and spent 18 months setting up a plant that is now one of the biggest in the country. He had no prior knowledge as the business he sold prior to this one had a clause barring him from being involved in that industry for the next 5 years.
When you work for yourself you have to take on some risk and that is all part of the fun. I know once everything is up and running sometime next year one can look back and smile wondering what all the fuss was about. Sometimes the best business decisions are made when you have no choice left and you have to adapt. I would never have even contemplated looking into other areas to create new businesses as this will not be one, but many all linked.
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This got me...taking risk is part of the fun
Manageable risk as all businesses have risk somewhere. I think this is what keeps you more alert and are aware all the time.
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You're very right dear friend..I agree with you.
That sounds like a really horrible situation to be in. I can't imagine how scary it must feel as a business owner. I hope that you can get things sorted out and find some new ways to keep moving forward.