This week’s online poll question is “What’s your primary means of buffering your business against external risk?” Be sure to leave your thoughts in the comments section after voting.
I am at the mercy of the markets when I sell. I can generally try to control my costs by less costly inputs. That is a constantly evolving situation.
This poll needed to provide a ranking. I would have voted Managing Costs, Paying down debt, Increasing working capital and Locking in margins in that order. However, locking in margins might be a tool to accomplish each of the others--however, not nearly as important to long term profit.
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