How do I assess how badly my supply chain has been impacted?
Talk to your suppliers to make sure you have a comprehensive understanding of your supplier network and their ability to meet your existing agreements in the current situation. Wherever possible, be clear whether they create the goods or components you buy from them, or whether they rely on others.
Having as much visibility as possible on this will help you identify potential challenges and plan alternative options.
How do I terminate contracts with suppliers, or find new suppliers if necessary?
If it is no longer feasible to continue operations with a supplier, you can change or terminate your contract with them, freeing up cash to invest in businesses that are more able to meet your needs. Law firm Pinsent Masons have published a helpful explainer on how to terminate supplier contracts, including details on notice periods and outstanding payments.
When looking for new suppliers, you should be mindful of the issues that caused you to terminate relationships with previous businesses, for instance geographical location and suppliers themselves having to rely on complex supply chains. You should also consider current restrictions on travel, and the potential for future restrictions to disrupt your business.
If you need to find new global partners, the Department for International Trade can help. It has relationships with a global network of businesses across the world and will be able to advise you on the options available.
How do I accurately assess impact on demand, and why should I try to forecast it moving forwards?
For some businesses, coronavirus is causing spikes in demand. For others it has caused a sharp decline.
You can more fully understand its impact on your business by taking an inventory of your current line of products, as well as analysing real times sales data and engaging customers directly as to how their needs may have changed over time.
Forecasting demand in the long term can help you streamline your supply chain and invest in the products and services you need, and your customers want.
Forecasting any medium-term changes to demand can also help reduce disruption, by avoiding late delivery penalties due to supply shortages, or the costly build-up of materials due to a reduction in demand.
Forecasting a reduction in demand can also help you to avoid any penalties terminating supplier contracts without proper notice.
How can I form new alliances with competitors?
In normal times you wouldn’t consider working with your competitors, but in the context of issues presented by the coronavirus pandemic, working with businesses that have similar concerns to yours, and require the same products and services can improve your security.
When working with competitors, you should be clear as to the terms of your engagement from the outset. SmallBusiness.co.uk has a really helpful guide as to how best to collaborate with other businesses.
All agreements should be written down, and if possible, you should consult a lawyer where appropriate. Members of the FSB are entitled to use their Legal Protection Scheme for issues like these.
How do I shorten my supply chain and why should I?
A shorter supply chain is one with as few intermediaries as possible. You can shorten your supply chain, where feasible, by only using self sufficient suppliers, in terms of the products and services they require to deliver what your business needs.
Whilst creating shorter supply chains often incurs a cost, they can leave you less exposed to the impact of geopolitical events like coronavirus, helping you to continue trading when those around you cannot.
How do I negotiate new payment terms with old suppliers?
Given the disruption caused by coronavirus, many suppliers are willing to be flexible around payment terms and will already have processes in place. Read your contracts to see if there’s anything in place and call your suppliers as soon as possible to see if you can negotiate. Make sure you have a realistic plan in place as an alternative, for example paying in instalments, that you can take to them.
Suppliers 
The complexity of modern supply chains, often global in their nature, means that they are particularly vulnerable to geopolitical events like coronavirus, which impact different parts of the world at different times.
