In the next several months, many lock and lock hardware manufacturers are increasing their prices. The costs of raw materials are up, as are other components of manufacturing and distribution.
Prices being raised is not uncommon. However, in today’s market there are a few more things to think about. Here are a few that come to mind.
Are you in a position to stock up by ordering some extra before the increases to save money?
Or as a result of the price increases will you purchase less product to have on your shelves?
Can you afford to have less product on your shelves?
Will you in turn raise prices to your customers?
Will you raise prices the same amount of the increase from each of the manufacturers?
Will you add a bit extra to improve your profit margin?
Will you notify your customer of the price increases?
Are your customers in a position to pay the additional?
Will they begin to look elsewhere for a better price?
Will they in turn purchase less?
And for probably the most important question, are there any services you can offer your customers to keep them?
It appears that less crime for many people, companies and corporations means that there is not the same need for security.
Any thoughts you want to share?