Issue link: https://nebusinessmedia.uberflip.com/i/1362682
17 Hartford Business Journal | April 19, 2021 | HartfordBusiness.com Community Banking Lives Here TM dime-bank.com | 860.859.4300 Colchester | East Lyme | Glastonbury | Ledyard | Manchester | Montville | New London | Norwich: Broadway, Corporate, Norwichtown | Stonington Borough | Taftville | Westerly, RI How much does your bank value you if they're selling your account again? It's happening again. Another CT bank is being swallowed up and you know what comes next: more paperwork, new fees and a flashy brochure introducing you to your next bank. If your bank just proved that shareholders and profits come first (again!), you can send them a message that customer service comes first for you. A At Dime Bank, we are welcoming customers who have had enough. It's your bank. Your choice. Your Dime. middle-market manufacturing CFOs recently surveyed by consulting and accounting firm BDO said they plan to reshore to the U.S. this year in order to bolster their supply chains. Coping strategies Ulbrich Stainless Steels & Special Metals Inc., a North Haven company that makes steel components like shaped wire and metal sheets for various industries, has been adjusting its suppliers in the wake of an especially erratic year, said owner Chris Ulbrich. The company already sources about 75% of its materials in the U.S., but has been moving away from some of its suppliers in Asian countries in favor of companies in North America, Ulbrich said. It's not always possible to find domestic suppliers that make the same material of a similar quality and price as in Asia or Europe, but another tactic Ulbrich is looking at is creating supply chain redundancies so it isn't too dependent on a single company. "We're trying different suppliers for different things, and one of our goals is to have two suppliers for each of our products," Ulbrich said. "Sometimes that's not possible, but we're trying." Creating supplier redundancies isn't a new concept, said Collins at MB Aerospace. But MB has increased its focus on supply chain reliability in the wake of disruptions over the past year. Since the pandemic began creating issues — compounding preexisting challenges like tariffs — MB has also been expanding its supplier list, and working with customers to find alternative suppliers to ones that have slowed production. "We've found religion around [continuity planning], … now it's something that we are constantly looking at," Collins said. "There will be another COVID, if it's not another pandemic, it will be geopolitical concerns … something will happen." Other companies have taken to ordering more than they need, and warehousing supplies, said Alfredo Fernández, an attorney for Hartford law firm Shipman & Goodwin, who advises regional and national manufacturers. However, Fernández said, that tactic is an expensive proposition. Storage costs money, and if the company never uses the extra materials, it's a total loss. "It's a cost/benefit analysis that's going to break differently for different companies," Fernández said. "What is the cost of that security, is it worth it?" Essex-based BrandTech Scientific Inc., which distributes laboratory equipment throughout the U.S. and Canada has recently taken to over-ordering some specialty items, said Carol Myers, vice president of operations for BrandTech and sister company VACUUBRAND Inc. It's become necessary for BrandTech to order some specialty products ahead of time, rather than wait for a customer to ask for it, Myers said. That's because the company can never be certain it will be able to import the product on the customer's timeline. The strategy makes sense for BrandTech's Alfredo Fernández Kate Collins Chris Ulbrich 2021 Supply Chain Strategies Accounting and consulting firm BDO recently surveyed 100 U.S. middle-market manufacturing CFOs asking them how they plan to adjust their supply chains in the year ahead. Here's what they said: 52% Plan to invest in supply chain technology 50% Plan to identify alternative or backup suppliers 42% Plan to realign tax structure 25% Plan to conduct a supply chain risk assessment 24% Plan to relocate to another country 22% Plan to reshore to the U.S. business, since laboratory work has been increasing and Myers expects demand to continue on an upward trajectory. "I do think the pandemic made us all more nimble in the work we're doing," Myers said. "We're trying to really use some of the things we learned to continue to grow in a smart way." Ulbrich Stainless Steels' North Haven plant. PHOTO | CONTRIBUTED