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It will cost you $2.15 today for what would have cost you $1 in 1990. You don’t have to read about the effects of inflation to know that it’s hitting everyone and every company. You see it at the gas pump and the supermarket. Your managers see it in the cost of raw materials, supplies, and (of course) labor. CEOs rank it as their #2 concern (behind labor shortages) in trying to grow their companies and preserve profits. When inflation hits your cost structure and it isn’t dealt with effectively, the result is damage to your balance sheet, a decline in the value of your business, and perhaps even the survival of that business.
So, here’s a list of ideas for you to consider taking to moderate that impact, taken from over 30 years of serving corporate clients through several periods of serious inflation – although this is arguably the worst in that timeframe.
Implementing one or more of these actions can help your company to better weather the effects of rising inflation and keep it competitive and profitable.
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