I was talking to Victoria the other day and I asked what else I should be posting. She mentioned that It would seem that price increases and inflation are a greater concern and a hot topic.
A visual was needed to get the point across so building on yesterday’s post, I picked a coffee example.
Everything now costs more and we knew that with all the supply chain challenges that there were going to be increases. One can only hope to maintain the pricing you had. Savings are sort of out of the question.
Or are they?
You might be able to find savings if you have knowledge of your supplier’s inventory levels. Pricing is a huge challenge for suppliers and they tend to use First In Last Out basis for their calculations. Some will use last cost plus markup to determine selling price. Which is why your price might have went up a lot for certain products.
Anyone that is savvy might be able to keep cost down if they know or suspect that the supplier has a surplus.
Of course there are a lot of other ways to curb the challenge of inflation and with any luck I will get a lot of comments and suggestions that I can share.
Thanks Victoria for the suggestion.
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