Given the current economic environment, it seems likely that some important price increases will work their way through almost every line of trade in the economy. Most firms tend to approach supplier price increases with more than a little trepidation. The more the firm’s operation is functioning smoothly under current inbound and outbound pricing arrangements, the lower the degree of eagerness to make changes. Despite these concerns, the reality is that supplier price increases are an unparalleled opportunity to increase profit. However, achieving that profit improvement requires a reversal in thinking. Price increases may never be welcomed, but the profit potential they represent should be.
Read more on Page 24 in SlingMakers Magazine.