As you cope with inflation you’ll need to cut costs. You will run up against some costs that are impossible to control, whether it’s because the material is rare, the trading floor sets the price of a commodity, or front-line workers have a multitude of options.
Go beyond the obvious targets and consider all the direct and indirect costs strung across the company. How could they be reduced?
A step or jump in reducing costs might come from looking beyond the boundaries of your business and working with others in the value chain. When one link in the chain is affected, others are too. Or you might have to completely revise your geographic footprint, for people as well as sourcing.