Many small businesses are still managing the impact of inflation, supply chain disruptions, and now potential tariffs on imported goods. Here are a few strategies to help control rising costs:
Identify supply chain weaknesses such as:
- Reliance on just-in-time inventory
- Single-source vendors
- Materials or services making up 10% or greater of your cost of goods sold
- Vendors that require long lead times or items that require special shipping or storage needs
Use strategic offers and boost revenue by:
- Raising prices while offering extended terms to loyal customers
- Upselling services that have a higher value
- Steering buyers toward more efficient delivery methods to lower costs
- Pricing for volume discounts in anticipation of future orders
Control your costs:
- Audit expenses for savings opportunities
- Compare vendors for better deals
- Create a monthly budget to help you stick to a spending plan
Consult with an Alloy Silverstein advisor and let’s review your financials together.
