Are You Prepared for Rising Freight Rates?
The masks are coming off, and the pandemic seems to be receding in many parts of the globe, but it would be a mistake for business owners to get too comfortable. Rising freight rates are going to be a challenge for any business that has a supply chain. Some predictions have suggested that before the year is up, the average freight rate could go up by 23 percent.
In fact, the way things are looking, higher freight rates and a stretched-to-the-limits supply chain could be a factor for at least two more years. If that got your attention, and you’re concerned about how your supply chain costs could affect your cash flow and profit margins, here’s how rising freight rates could impact your business.