Is price gouging a concern for your company?
Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc.
Is price gouging a concern for your company?
According to the SafeSourcing Wiki, Price gouging occurs when a business increases the cost of their offering by an unreasonable amount. While price increases can occur at any time without being considered price gouging, these should generally not exceed around 20%. State laws may dictate the amount of the increase and other considerations in determining whether a price increase constitutes price gouging. Excessive price increases aimed at taking advantage of an emergency situation during times of emergency may be deemed to be price gouging especially if competitive prices are significantly lower.
There is a straightforward way to find out if it is happening to you. Take your most recent contract and your most recent invoice and send them to SafeSourcing Inc. We will be glad to run an eRFX event on your behalf in order to find you. You just might also save money at the same time. Time to execute from the time you contact us. TWO Weeks. Can you invest that little time to create a positive impact on your current expenses or cost of goods?
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