The Middle East conflict is already affecting the cost of doing business. How you navigate business decisions around it should be a priority.
Consider the following if your business operates in one of the following sectors:
Service businesses – rising costs for your vehicle’s gas and oil changes may require necessary price adjustments. Additionally, amending sales and servicing schedules could be worth considering.
But when does it make sense to do this? Utilize AI tools to predict and adjust these changes when it’s necessary to preserve your profit margin.
Landscaping and nursery businesses – Fertilizer prices are already rising. Are your current bids in sync with these increases?
Import & Export businesses – Your risk insurance policy may be increasing. This is because of the elevated risk of shipping from port to port. Be proactive and determine by how much you may need to adjust to these increases before you make or take future orders.
How you present necessary price increases is equally important
- Be sure to explain the reason (the Middle East Conflict, and why it is affecting you)
- Is the increase only temporary? If you are uncertain then you may want to state that: “We hope this is only temporary”
John continues to maintain a pulse on current and trending events from multiple news outlets from around the world. Being informed along with a deep historical knowledge affords valuable insight to up-coming trends and scenarios which effect business. His RSG team have helped clients navigate companies through challenging economic and political crisis for three decades.