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How To Stay On Top of Runaway Inflation — When It Comes To Raising Prices, Timing Is Everything

Any time you write something and send it out into the world, it can be difficult to know if anyone paid any attention to it. While it’s always gratifying to see how many people hit the “Like” button on a blog, or how many views it gets, we think the real mark of whether a piece hits home or not is when people take the time to write comments or questions. When you get those, you know you might have hit a nerve.
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Should Business Owners Be Raising Their Prices Right Now?

We asked the President of The Great Game of Business, Darin Bridges if he thinks business owners should be raising their prices right now. His response, "hell, yes."   Protecting Margins Now, So You Can Fund Growth Tomorrow We've always had a saying at SRC. When the economy goes down — it's not the time to be asking for price increases. You've got to do it while the economy is going up. Everybody knows costs are going up right now — they're creeping up everywhere. We've heard the horror stories of the price of lumber, and surcharges keep emerging. It can be a scary thing, but within an inflationary environment, price increases are regular, and they're a crucial part of protecting margins. So how do you protect margins? This is where the whole idea of engaging your employees in the business and the finances comes together. Educating employees on how they make an impact and getting them to take ownership in what they do is so important. When they're aware of inflation and how that impacts the company, they're able to monitor expenses in their area of the business to help stay on top of costs. One man, one owner, one business leader can't do it all. You have to get your people to constantly and proactively find ways to reduce costs. Getting your costs under control and then going for the price increase will help maintain margins. You've got to be able to protect your margins to continue to fund growth, fund your people, fund the retention, and all the things necessary to see success for your business.
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Why We're Focused On Protecting Margins in 2022 (And Why You Should, Too)

It's been two years since Covid shut the economy down. And nothing has been the same since. What's crazy is how things continue to change on what seems like a daily basis. Variances are the name of the game. We were already dealing with supply chain delays and the constant upward pressure of inflation caused by the shortages of parts and people in the marketplace. The price of freight is skyrocketing—and that was all before the war in Ukraine erupted. Suddenly, we need to add in the additional upward pressure on the price of oil and commodities like wheat—did you know Russia is the world's largest producer of wheat and Ukraine is fifth? There are also precious metals like nickel, which is a big Russian export. Nickel is used to make everything from stainless steel to appliances and batteries, which are rising in price because of the shortages. Now mix in the fact that interest rates will be rising for the first time since 2018, and every business is faced with solving a dynamic puzzle with lots of moving pieces.
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Top 3 Things to Consider for 2022’s Economic Slowdown

Feb 22, 2022 by Kimberly Clark 3 Comments
        1. Know how your business will be impacted In 2021, industrial sectors experienced Accelerating Growth, creating crunches on capacity, exacerbating concerns surrounding the labor market, prompting a willingness to purchase raw materials at higher costs than perhaps would have otherwise been desired.
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How To Have Fun At Work (And Learn Something At The Same Time)

It feels like we’re on some kind of crazy rollercoaster ride. One day we’re riding high, and then, whoosh, we’re hit with school closings and absenteeism due to Covid, shortages of parts, and, heck, even a big ice and snowstorm to contend with. You get to the point where you think you might be too tired to duck from the next punch headed your way. When you add that we were also trying to close out our fiscal year on January 31 amidst all those challenges, it could have been enough just to wave the white flag and surrender. As anyone involved in balancing your books at year-end knows, it can be a royal pain. The pain is only made worse when you put off things during the year because of those challenges you’re forced to deal with. For example, if you ran into a supply chain logjam, you might be forced to place an emergency order—and pay a significant premium for it—which then impacts your cost and pricing structure. Or maybe you couldn’t collect on your receivables because of paperwork errors or maybe because someone was out sick. Have you seen what shipping containers cost these days? That means you wouldn’t get the cash you expected, which is the last place you ever want to be.
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Why We Get Nervous Playing With A Lead

The New Year is off and running. If your business is anything like ours, you’ve got your hands full. The good news is that we’ve begun to see some progress in overcoming the shortages in parts and people we’ve been struggling with ever since the pandemic hit us in March 2020. Getting our supply chain straightened out while also finding ways to recruit new people (and retain our existing associates) has helped us get back on track with our annual plan. In fact, our team has been remarkably consistent in the accuracy of our forecasts. (We’ll see how accurate when we close out our fiscal year at the end of January.) We’re also leaving far less potential business on the table due to the easing of those constraints, which bodes well for our growth heading into 2022. When I talk to other business owners and executives, I hear similar good news. It’s pretty common to hear that 2021 was a record year for many of them. That’s led to a lot of optimism as people looked to 2022.
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The 8 Most Read Blogs of 2021

2021 seemed to fly by, at least here at The Great Game of Business. We were planning our year just yesterday, and then, BAM, the year was over. At least, that is how it felt. Looking back on 2021 made us take stock of the most read Great GameTM  blogs. In case you missed them, here they are in order: #8 - 10 Easy Ways Leaders Can Express Appreciation in the Workplace Individuals in the workplace need to feel appreciated in order to enjoy their job, do their best work, have positive work relationships, and stay with their organization long-term. The key ingredient in meaningful, significant, and effective appreciation is individualization—expressing appreciation in the recipient’s preferred “language.” Varying the ways company leadership communicates appreciation will improve chances of hitting the mark, so we’ve compiled 10 ways leaders can express appreciation in the workplace and foster positive work relationships in order to establish a recognition culture.  <>
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You Don't Have To Be A Non-Profit To Inspire Positive Social Change

Nov 2, 2021 by Darren Dahl 4 Comments
How the founders of Chillibreeze pursue their purpose: “We Start Every Day With Gratitude.” It was a Christian mission that first brought Joanna and Ralph Budelman to India in 1995. Their lives, and those who work with them, have never been the same since. The couple, who grew up in Louisiana and Illinois, respectively, share a deep belief in the power of entrepreneurship to create positive change in the world. After arriving in India, they founded the first of what would eventually become a series of businesses over the subsequent ten years that have created great jobs for people in the communities they have lived and operated in.
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How Deming’s 14 Points For Management Can Help Us Thrive in A Post-Pandemic World

To overcome today’s challenges, and build a sustainable business for the long term, it’s time to transform how you get work done The biggest challenges our organization faces, like most everyone else in our post-pandemic world, is shortages of parts and people. With global supply chains snarled, we find ourselves sitting on warehouses full of engines waiting for silicon chips worth a few dollars each. Meanwhile, we were incredibly fortunate to hire 500 new associates over the past year. But, we’re still shorthanded when you subtract the 250 or so employee-owners who retired at the end of 2020. And, despite the superhuman efforts from our human relations teams, that’s not going to change anytime soon.
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Decentralizing Business to Accelerate Company Growth and Stability

Jul 7, 2021 by Esther Tang 0 Comments
For many today, it would be unthinkable— if not sheer torture—to run a company supported by data arriving by pony express and steamship. Yet, in the 1800s, that’s what American industrialists regularly did to huge success. How could Carnegie and Rockefeller have made significant, informed decisions with material gathered by mere telegraph, letters, and only later, telephone? Weren’t they alarmed that their milk was fresher than their business intelligence?  
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Is The Potential Tax Hike Keeping You Up At Night?

Jun 15, 2021 by Darren Dahl 0 Comments
Ben Franklin famously said that the only things certain in life are death and taxes. But that’s only because ESOPs weren’t invented yet. With all the news about President Biden’s proposed tax changes grabbing headlines these days, I was reminded about a story I wrote a few years ago that was published at Forbes.com.
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Going Beyond The Mission Statement

  Words are cheap. What I mean is that it’s easy to say something, but it’s a heck of a lot harder to actually put those words into action. For example, I’ve been thinking a lot recently about how it’s become commonplace for companies to trumpet their mission, vision, and values. Everyone says they have a higher purpose with their business, something more than just pursuing profit, which is great. The idea is to show your associates, your customers, and the communities you operate in that you have a higher purpose than just making money at their expense.
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About The Great Game of Business

Our approach to running a company was developed to help close one of the biggest gaps in business: the gap between managers and employees. We call our open-book approach The Great Game of Business. What lies at the heart of The Game is a very simple proposition: The best, most efficient, most profitable way to operate a business is to give everybody in the company a voice in saying how the company is run and a stake in the outcome. Let us teach you how to develop a culture of ownership, where employees think, act and feel like owners.