Vendorcredit, a leading financial solutions and growth partner for supply chain businesses recently held a webinar for business owners titled, Volatility and Inflation: Shielding your Business from the Financial Impact on the 16th of November, 2023. The virtual event featured proficient speakers; Seye Seton, Co-Founder and Chief Growth Officer, of Vendor Credit, and Kayode Sowade, a Supply Chain Expert who shared valuable insights and practical strategies for businesses to combat inflationary challenges.
The business gathering brought together key business stakeholders, vendors, and corporates, which is an integral part of Vendorcredit’s approach and commitment to fostering economic stability. Giving valuable insights on various aspects of financial management and the topic of the day, Seye Seton emphasized that “When it comes to currency volatility, most industries are affected as long as they source for products or raw materials internationally. Companies must tailor their financial strategies to the specific goals of their operations in Nigeria.” He continued, saying “Cash remains king. Guard your liquidity jealously; opportunities are found during challenges, and you need some level of liquidity to harness those opportunities. Leverage financial partners like VendorCredit to implement hedging strategies such as Just In Time supplies and Vendor Managed Inventory programs .”
Kayode Sowade on the other hand highlighted that “In the ever-changing landscape of the Supply Chain industry, adaptability is key. Businesses should focus on agility and flexibility to effectively respond to financial challenges. Supply chain financing as a product serves as a powerful tool to bridge financial gaps. By understanding the peculiarities arising from inflation and currency volatility, businesses can navigate uncertainties more effectively.” He concluded.
Both orators articulated the significance of efficient cost management, particularly in handling fixed costs like salaries and investments, to ensure financial stability. Pointing out the susceptibility of industries, especially those involved in production, FMCGs and FMCHs, to currency volatility and its widespread effects on international transactions, they underscored the value of tailored financial strategies aligned with company goals, focusing on liquidity, capacity, and flexibility.
Highlighting Supply chain financing as a key means to address financial gaps, and demonstrate this impactfully, Seye Seton mentioned that “Vendorcredit has allocated over 2 billion monthly to help businesses and their supply chains withstand the shocks presented by Fx volatility and inflation. VendorCredit also stands out as they offer more than 7000 verified and well versed vendors to corporates..”
Overall, a plethora of quality business advice was given, with recommendations on guarding liquidity and leveraging financial partners, such as VendorCredit, to fortify financial stability. Suggestions on reducing the supplier circle and shortening the production cycle through strategic principles were also proffered, leaving attendees contended and knowledgeable.
About Vendorcredit:
Vendorcredit is a supply chain financing solutions provider and growth partner for vendors and corporates within the supply chain sector. Our tailored supply chain financing solutions enable businesses to thrive by providing the working capital required to keep their supply chain moving.
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