Leverage forecasting and scenario planning to anticipate future costs and make sure you’re structuring your revenue smartly. Don’t overspend. Don’t over hire. And be cautious with your investments.Jacob Blondin, Intrics President & CEO
Inflation is the Darth Vader of every business today. For more than a year, rising prices have caused rising concern for CEOs distressed about protecting their profitability. With inflation giving us an unwelcome throwback to the 1980s, it’s no wonder it keeps CEOs up at night.
Experts and pundits disagree on whether we’ve seen the peak and even about what’s on the horizon. In July inflation rose 8.5 percent from just a year ago — lower than expected. Though perhaps easing a bit, inflation pressures remain historically strong.
So what’s a CEO to do?
It’s important to focus on what you can control and take action where it makes sense for your business. Here are 3 ways to tackle inflation challenges: strategic planning, forecasting and scenario planning, and automation. To give you additional proven insights from your peers, three VACEOs members share their perspective:
• Michael Matthews, President & COO, Froehling & Robertson
• Jacob Blondin, President & CEO, Intrics
• Scott Crawford, President & CEO, Virginia 811
CEOs and business owners don’t have to take it on the chin with inflation. There are strategic ways to mitigate and minimize risk in this environment. In fact, there may even be new opportunities to take advantage of and strengthen your business — right now and into the future.
3 WAYS TO TACKLE INFLATION CHALLENGES
Intrics provides insights and clarity by analyzing 7.6 million prices across 25 of the country’s leading grocers nationwide. By considering national brands and private-label alike, and linking disparate SKUs and descriptions to a single UPC, Intrics provides product-level indexes in your markets. This allows you to be the first to react by quickly understanding changes to product prices, whether your competitors are absorbing or forwarding increased costs to consumers, as well as how your prices and price changes compare to theirs.