The Business Bulletin
Ask the experts Do you have a burning question that you would like the answer to? Or maybe you’re looking for some advice to help your business. In each edition some questions will be shared and answered by some of The Business Bulletin experts.
Q. What precautions should I take as
to protect their margins without
minority of businesses owners and
a business owner with the threat of
upsetting clients.
really should be something monitored
rising inflation?
Breaking down the individual
on a continuous basis.
A. With inflation comfortably above
costs for individual products (as far
Government targets and showing no
as is reasonably practicable) can be a
continually monitor your own
sign of slowing down, it’s vital that
useful way of finding out your margin
spending as a business owner
businesses ensure that their business
for the particular item, as well as
but increasingly so in a period of
is robust enough to manage rising
ensuring that you can maintain it with
inflationary pressure. It can be a
prices for their purchases as well as
rising costs. Margin management is
simple exercise such as running
ensure their own pricing is managed
an underused tool by a significant
through your monthly bank statement
It’s always important to also
Issue 17 – Finance | 39
