You need to act FAST

Input cost inflation is at the worst we have seen in 40 years. Prices are changing the fastest most of us have ever seen. Is your Business equipped to deal with rapidly changing prices?

Do you have robust pricing processes and policies in place to empower your team to make profitable pricing decisions?

The truth is most businesses have overlooked pricing and now this is a key challenge being discussed in all boardrooms. Businesses have been affected in different ways and the course of action you will take will depend on many factors. However, you do need a plan. Detailed planning and execution are key to successfully implementing a (several) price increase(s) that STICKS.

The following steps will enable you to plan with confidence and make informed decisions:

1️⃣ EVALUATION – it is critical that you review and fully understand how your business, customers, industry and competitors have been affected.

2️⃣ PLANNING – a one-size fits all approach ends up fitting no-one. You need to review and model the impact of price changes at customer and product level.

3️⃣ COMMUNICATION – in times of uncertainty, maintaining trust and confidence both internally and externally is vital. Avoid confusion and mixed messages.

4️⃣ EXECUTION – Don’t under-estimate how much work is required.

5️⃣ MONITORING – review customer feedback, market dynamics and competitor activity. Take corrective actions.

Inflation is rising and eating into your profits.

Have you taken action?