Inflation Proofing Your BusinessSampel

Inflation Proofing Your Business - Part III

Inflation proofing your business is something we all need to pay attention to, regardless of our business or industry. 

A friend of mine owns a chain of restaurants. He was concerned when he discovered that people were selling large quantities of ketchup packets on eBay. He predicted a shortage of ketchup and increased prices were coming.

He called his suppliers and asked for all the ketchup they could find. He locked in a much better price and supply than his peers in the industry.

1 Peter 5:8 says, "Be alert and of sober mind. Your enemy the devil prowls around like a roaring lion looking for someone to devour."

Outside of wages, each industry has specific expenses that inflation can significantly impact if not monitored closely. During inflationary times, be alert to opportunities to proactively manage your key expenses.

Questions for Reflection:    

• What are some of your business’s key expenses that are prone to inflation? Do you monitor them closely?
• Managing key expenses takes some creativity and, as 1 Peter 5:8 warns, a “sober mind.” If inflation forces you to act quickly, do you have an action plan?    
• What can you do today to be better prepared for price increases?