​Nobody Plans to Fail

The definition of the word “plan” can mean many things, and is both a noun and a verb.

Noun

• A detailed proposal for doing or achieving something. 

Similar: Plan of action, idea, master plan, game plan, project, program, system, method, procedure, strategy.

• An intention or decision about what one is going to do. 

Similar: Aim,idea, intent, objective, goal, target, hope, aspiration

Verb

• Decide on and arrange in advance.

Similar: Organize, arrange, think out, design, outline, map out, prepare, schedule, program, develop, make plans, propose, envisage, foresee, envision

• Design or make a plan of

Similar: Draw up a plan of

There’s an old saying in business that you’ve probably heard before; Nobody Plans to Fail, they just Fail to Plan. Yes it's a cliche, but is still very relevant and important to remember. In today’s environment, applying this to your business practices, particularly with respect to your merchandise purchasing procedure may save you from some very painful future headaches.

As of this blog post, a record number of cargo ships are waiting to enter the LA/Long Beach ports, which move 40% of container imports in the US. Even if you do not listen to, or read the news, you can’t help but notice that the shelves in places where you shop are a little more empty than usual.

With the peak shipping period getting underway as the holiday shopping season approaches, ports have been setting new records almost daily. Traffic has been rising since last summer amid a pandemic-induced buying boom that created a backlog at ports and overwhelmed the workforce. A lack of trucks to transport goods, and not enough containers, or lack of empty containers in the most desired locations continues to exacerbate the problem.

There is no doubt the pandemic has battered the global supply chain, offloading the surging demand on to suppliers and leading to shortages of goods and containers, while increasing costs for consumers. Experts in the consumer products categories forecast a dismal holiday season from an available inventory perspective, and warn available products will most likely experience price increases.

We share this information with you and suggest that now is the time to prepare. The shortages are real, and across multiple product categories that typically fill your prize, incentive, and awards needs. It’s likely you have already been experiencing supply chain issues for your location. We recommend that you reach out to your suppliers sooner rather than later, and plan now for end of year business, and Q1 of 2022.

We’ve been working closely with customers and clients to discuss best practices to maximize the opportunity to have inventory available and ready to ship when needed. Advance commitments, forecasted projections, and future PO’s are a few methods by which suppliers can work with you to ensure your game rooms and redemption centers have product. As we’ve discussed in previous blogs, don’t be afraid to increase the size of your supplier network to improve the likelihood that you can get product when you need it. Some suppliers, like ourselves went deep on inventory in anticipation of this surging demand, and limited supply.

We know you don’t plan to fail, so don’t fail to plan! Be the location that plans ahead so your guests are provided with the best experience possible in the coming weeks and months.