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ARTICLE · 11 JULY 2022

Six Tips For Dealing With Rising Material Prices

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Recent experience has exposed the risks inherent in just-in-time manufacturing strategies.

United StatesStrategy
Tom Pierce
Tom Pierce
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Manufacturers face enormous business challenges today. According to the fourth quarter 2021 Manufacturers' Outlook Survey by the National Association of Manufacturers (NAM), the top two are rising raw material costs and supply chain challenges. Other significant challenges that may affect the availability of materials include rising transportation and logistics costs, unfavorable business climates and trade uncertainties.

WHAT YOU CAN DO

Here are six tips for addressing increasing prices or decreasing availability of key manufacturing inputs:

  1. Do Your Homework
    Just because a supplier informs you that a price increase is necessary because of increasing costs, supply chain issues or logistical challenges, that does not necessarily mean that the price hike is fair. Do your own research to assess the impact of these developments on supplier costs and determine an acceptable range of price increases.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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