SFS Minute 985: Prices Move First

This week, I want to do something a little bit different with these segments. Instead of teaching you things that you can do to make yourself better or happier, I want to talk about what's going on in the world, but I'm not going to get political at all. I promise. I'm not going to bash anybody. I'm not doing any of that. What I am doing is helping you figure out how to survive and maybe improve your business during these times. We all know that energy prices are going up. We see it at the pump every day. There is something else we need to consider, though, when we're talking about gas prices. I'll tell you what that is right after this. Smart businesses prepare before the pressure arrives. Review how exposed your business is to transportation and fuel costs. Lock in pricing with vendors. Now, build slightly more margin into your quotes, and most importantly, know exactly which costs rise first in your business model so you're not surprised later.