How To Forecast & Prepare For Inflation
With inflation soaring to 8.6% in May, every business owner, no matter the industry, should update forecasts with the assumption of higher costs.
There are two things that you can do as a business owner to prepare for inflation and protect your profit. The first thing is to monitor costs and secure your prices from suppliers, either over the short-term or long-term. The second thing is to raise your prices.