Every business must deal with the challenges that inflation brings. Some of the ways business is affected starts with rising costs of goods and shortage of materials and products. This leads to production delays and lessens revenue. Further, it hits cash flow and purchasing power.
Inflation is a major concern and requires detailed and attentive alertness. Depending on a company’s size and market position, some are in a position to simply adjust by raising prices. Others have to find ways to compensate. One of the advantages Beacon brings customers during inflationary times is to conduct a detailed survey to uncover areas in the facility where additional efficiencies can be made. A significant benefit is pre-planning.
A defense against inflation is to have a plan that allows for flexibility in how and when cleaning can be handled. The default scheduling tends toward weekends; taking time to identify the projects that can be isolated and done weekdays saves money and time. It’s an effective strategy that really pays off.
Another issue is the pressure of inflation that causes the Federal Reserve to increase interest rates. When the Fed raises interest rates it results in higher borrowing costs for businesses. Paying invoices on time goes a long way to keeping costs in check.
It often goes without notice until it hits home, as they say. But inflation can cause unreasonable competition. And not the good kind that challenges you, but rather, the discounting cleaning services. There are at least two major problems with that. One is that no matter what is said, discounting price means that something will be left out, it will not rise to the level of excellence. Secondly, if a competitor can so quickly lower its price, they were likely overcharging from the start. Inflation is a real issue that requires planning and strategy. Beacon Industrial Services can provide the support you need, inflation or not. We really should be talking with you.
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