While it seems to have abated somewhat in recent months, many expect price inflation to remain a challenge going forward. For a little background on this subject from a risk and strategy perspective, I suggest going back to a couple of previous articles where we discuss the gathering storm clouds of price inflation (2021) and how it creates both risks and opportunities (2022).
Today’s article (originally published in the Q1 2023 issue of Carrier Management) discusses price inflation and how it impacts the implementation of strategic goals, specifically from the perspective of the journal’s target industry, property and casualty (P&C) insurance carriers.
It’s tempting to think a non-manufacturing company (without raw material or inventory costs) are immune to the effects of price inflation, but that just isn’t true. Severity of this problem can vary from one company to the next, but one challenge they all share is the difficulty in passing these costs along.
This, of course, begs the question – what can companies do to lessen the impacts of inflation to ensure they can meet their strategic goals?
Although the following article is written to challenges P&C carriers are experiencing in this environment, it contains takeaways any company or organization can use to both mitigate the impacts of price inflation and help create a competitive advantage in the process.
Click the image or link below to access the full article.
Implementing Strategic Goals During Inflationary Times
How is price inflation affecting your company’s implementation of strategic goals? Have goals needed to be adjusted in response to this current environment?
Please feel free to leave a comment below or join the conversation on LinkedIn to share your thoughts on this important topic.
And if your company is struggling to understand how to best develop and implement strategic goals in an inflationary or otherwise challenging business environment, please don’t hesitate to reach out to me to discuss your specific situation and potential paths forward!
