Welcome back to our continuing blog series, FRC Suppliers During the COVID-19 Crisis. This series gives you resources critical to evaluating your FRC supplier, ensuring you have ongoing and timely access to the services and products necessary to function safely and efficiently – particularly during a crisis. Because of COVID-19 and the ensuing economic losses, businesses have endured changes to how they operate, how they manage their workforce, and have needed to re-evaluate budgets and revenue streams which drastically changed over only a few short months.
Financial stability is a key issue facing FRC providers, so how can you evaluate your supplier in regards to financial stability? More importantly, what would you do if your supplier could not supply you with the FRC and PPE you need to function efficiently without service interruption?
The oil and gas markets and the FRC providers who serve them, have been hit hard by the COVID-19 crisis, with reports of layoffs, furloughs, and large drops in revenue across the board. With a wavering economy and an uncertain future, these trends are alarming. Be sure you are doing your due diligence, investigating the financial health of your supplier and ensuring they are on solid financial footing.
Would Your FRC Supplier Pass a Stress Test?
Many companies across the United States have been financially stressed as a result of COVID-19. In communities across America we have already seen some businesses close for good because traditional retail sales methods have been modified indefinitely due to the virus. Other companies are still operating as normal, but what happens if there is a second wave in fall 2020? A second wave could put companies which are teetering on the edge of financial stability into a hole from which they cannot recover.
What happens to you and your company if your supplier goes under? You would not be able to get the FRC needed to keep workers safe, which in-turn affects your financial stability and operational capacity. This is a vicious cycle which takes proactive measures to avoid.
Questions to ask of your supplier around their financial stability:
Watch as Tyndale’s VP of Technical, Scott Margolin, explains what you need to know about your supplier’s financial stability during the ongoing COVID-19 crisis.
If you have serious concerns about your FRC supplier’s financial stability, reach out to Tyndale’s National Account Executive in your area. They are available anytime to discuss and explore options available to meet service needs which might be impacted due to COVID-19.
Confirm all four of these areas to show your supplier is financially stable:
These are unique times in our history. COVID-19 has changed how businesses operate and put unforeseen stressors on companies of all sizes. Make sure your FRC supplier is in good financial standing and can provide complete service to your account without interruption. Follow along with our next post in our series to find out how to evaluate your supplier’s supply chain in times of crisis.