b'YOUR TOOLKIT FOR BUILDING EXCELLENCEthat the price rise is only temporary. One approachthe operating paradigm for businesses large and is to tell your most important customers that yousmall. The Great Recession of 2008 had sparked the are absorbing 20% of the price increases and passinghabit of relying too much on just-in-time delivery of along the other 80%. Another is to separate out anysupplies to trim cash investments. Further, the recent fuel charge increases from the delivery costs andwillingness of customers to accept price increases was explain you are only passing them along. A companyexacerbated by supply chain disruptions.will have more leverage to raise prices if it has offeredNow businesses must modify their cash flow great service and maintained inventory. management, inventory practices, and pricing Above all, avoid delay. Businesses are most successfulpolicies to reflect both rising costs and supply chain at raising prices when they do so quickly, saiddisruptions. The booming economy of recent times Anderson. Customers are more willing to absorbhas allowed companies to pay less attention to market increases during inflationary times when they can seedevelopments and still be fine, said Anderson. But it makes sense in the marketplace. Waiting too longnow in a time of inflationary price increases, they risks losing the opportunity, especially if inflationhave to do better. The job of managing is tougher leads to a serious economic downturn. No one wantsthan ever before.to absorb a price increase during a recession. About the Author: Phillip M. Perry is an award-New Rules winning business journalist based in New York City. Todays unexpected return of inflation has changedHe covers management, employment law, finance and marketing for scores of business magazines.East Coast Fasteners produces durable,long lasting fasteners for all combinationsof building materials.Quick Ship ProgramExtended WarrantiesColors to match any rollformed steelHigh quality products for any applicationEast Coast Fasteners.Building Connectionsfor the construction industry. 800.558.5895www.plyco.com The FASTEST, SHARPEST, CLEANEST Drilling Fasteners Available!!Ply-Lo ExtendedPly-Lo ExtremePly-Lo DrillerPly-FastMetalfast FRAME BUILDER - NOV2022 / 43'