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How to manage inflation as a small company
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As a small company, it is important that you understand the importance that inflation plays in your business operations. As inflation increases or decreases, it has an impact on the cost of doing business. With high inflation, you can see your business paying more for a product it was picking up for a much cheaper price not too long ago. Yet, at the same time, during periods of high inflation, your own costs need to go up to match the price of doing business. How, though, can you confidently handle inflation long-term? Manage consumption accordingly. The first place to start when managing inflation as a small business is to cut the cloth accordingly. With your increased spending due to inflation, you might need to reduce consumption to help balance your costs out. So, you should look to try and put in place a clear and specific budget that makes tough decisions. You might need to start cutting ...
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Flavia Richardson
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