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Battling Inflation |
With looming inflation, we
must maintain profit margins
along with seeking sales. A
three-pronged approach of
adjusting prices, finding new
sources of growth, and cutting
costs (boosting productivity)
are the main adjustments
successful companies make to
stay profitable during periods
of inflation.
Prudent
price increases eliminate the
need to catch up while battling
increasing costs. If you invoice
your customers, stay vigilant to
avoid customers passing their
cash flow problems on to you.
Stock up at lower
prices, during sales, or before
supplier price hikes. Be
cautious; too much inventory can
also cause problems. Spend
intelligently; many supply
issues are out of your hands, so
it may be necessary to find new
supply chains that offer lower
shipping prices or faster
delivery. Know where every
dollar is going, and weigh the
costs against results at every
step. Cutting costs that
jeopardize a brand do not make
sense over the long run.
Look for ways to streamline your
operation. Shorten hours for
noncritical departments.
Incentivize workers to be more
productive. Offer production or
innovation bonuses. Boost
employee loyalty and work as a
team to maintain growth. The
most efficient workers will
shine in times of inflationary
pressure. Analyze all production
processes to determine if there
are redundancies and eliminate
work wherever possible.
Inflation can attack a business
on several fronts. These steps
have generated higher returns
during inflationary pressure for
many Businesses.
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What's New |
Check out the
latest blog post:
Dating and Business
September
2022 Marketing Edge Blog Post
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Just For Grins
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- I'm not sure how many
cookies it takes to be happy, but so far it's not
twenty seven.
- The first thing I do
when I get to work is hide. Because a good worker
is hard to find.
- My crazy neighbor was
banging on my door at 2:30am this
morning....luckily I was still up playing my
bagpipes.
- I'm so old, I can
remember going through a whole day without taking a
picture of anything.
- My housekeeping style
is best described as "There appears to have been a
struggle".
- I thought the clothes
dryer made my clothes shrink. Turns out it was the
refrigerator.
- I'm glad you're
learning to laugh at yourself....That was getting
kind of awkward for the rest of us.
- Chocolate comes from
cocao which is a tree, that makes it a plant.
Chocolate is a salad?
- My wife winked at me
when she handed me a cup of coffee this morning. I
have never been more scared of a drink in my life.
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Monthly Tip |
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Visit the
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