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How should businesses react when cost of production increases.
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[QUOTE="Shaf, post: 269710, member: 25467"] If the cost of production increases, it's rational to expect the prices of goods to also increase proportion. That is what is happening in this time of inflation and supply chain issues. Though small businesses may feel the impact more, the larger ones are also not spared. It could just be that bigger businesses have alternative ways of sourcing for more capital to use and stay afloat till things get back to normal. A small business can also try to look for alternative ways to get more money to cope with the increased cost of production, which is where it's important that the business has its accounts kept up to date. Most lenders and banks would like to see this before giving out money, even with collateral used. The business can also try to source for cheaper materials, or reduce the amount of product per package. This should be communicated to customers to avoid misinformation though. [/QUOTE]
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How should businesses react when cost of production increases.
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