How Small Businesses Can Win During Supply Chain Disruption: Pricing

Elderly couple shopping with empty grocery store shelves

Disruption in the supply chain is nothing new, and you don’t have to look hard to find data published daily on it. Unfortunately, there is no one simple solution as the current challenges are a perfect storm of multiple factors. Overseas manufacturers are still unsettled from the pandemic, ports are full and there are not enough truckers to move the necessary loads of goods.

This disruption has affected small businesses particularly hard as they often don’t have the resources to stockpile inventory well in advance. And we know this has had a clear link to a meteoric rise in inflation. Like many disruptions we have seen over time, this also creates an opportunity, and there are numerous ways to lay the foundation to take advantage of these opportunities. Things like reexamining pricing sound like an easy solution, but there are many layers of complexity. Here are five key questions to consider.