Smart Business Strategies During Oil Spikes
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What are the three smart moves businesses should make during oil spikes?
All right, this is what you actually came here for, the three moves that smart entrepreneurs make when oil spikes and the world gets complicated. Let's go. Move number one, lock in your costs now. Before they go higher, if you run any kind of physical business, you sell products, you ship things, you manufacture anything, you need to be on the phone with your suppliers this week. Not next month, this week. You want to lock in contracts at current prices before the oil spike bleeds into supply chain costs. This is called forward contracting, and big corporations do it automatically. Small business owners almost never do it. That's the gap you need to close, Mike. Even if you're purely digital, audit your vendor costs, web hosting, software subscriptions, advertising platforms.
How can businesses lock in costs effectively during oil price increases?
Meta and Google ad costs tend to spike during major news cycles because big brands dump money into the market chasing eyeballs. Be ready for that. Set your ad budgets with a ceiling. Move one. Call your top three suppliers this week. ask about locking in 90-day pricing. Many will say yes. They want certainty too. Move number two, price for tomorrow, not today. This is the one that kills small businesses. They price their products based on today's costs. Then costs go up 15% and they either eat the margin or raise prices awkwardly and lose customers. The move is to build in a buffer now. If you need to raise prices, do it proactively with a clear message to your customers. Something like, due to global supply chain pressures, our pricing will be adjusting on April 1st.
Order now to lock in current rates. That message does two things. It gives your existing customers a reason to buy immediately. Urgency. And it positions you as transparent and trustworthy rather than just randomly raising prices. You control the narrative. Move two, raise prices before you have to, not after. Frame it as customer care. Give them advance notice and a window to buy at current rates. Move number three. And this is the big one. Build your emotional economy. Here's what I mean. When the material economy gets unstable, when gas prices hurt, when inflation bites, when people are anxious about the news, they instinctively shift spending toward things that feel meaningful. Experience over stuff. Legacy over luxury.
Memory over convenience. This is not theory. Look at the data from every major crisis. Memorial and gift purchases spike. People call their parents more. They look through old photos. They want to hold on to what matters. They want to honor the people they love. And that brings me to something I want to share with you, something personal. One of my own businesses, Precious Memories, makes wearable memorial buttons, photo buttons that people wear to celebrate and honor the ones they've lost.
Veterans, parents, children, loved ones. And every single time there's a major world event, Every time people are reminded of mortality, of sacrifice, of what really matters, that business sees a surge. Not because I'm exploiting grief, but because I built something that meets people exactly where they are emotionally. That's the emotional economy. Build products and services that serve people's deepest needs.
Belonging, memory, love, legacy. and you become recession-proof, crisis-proof, news cycle-proof. Move three, ask yourself, does my business serve the emotional economy?
What strategies should businesses use to adjust pricing during volatile oil markets?
If your product makes people feel something real, you will outlast every competitor who only serves convenience. Before I wrap up, I wanna take a moment for something close to my heart. If you've lost someone, a parent, a veteran, a friend, you know that the hardest part isn't the funeral. It's the ordinary Tuesday morning three months later when you reach for your phone to call them and then remember. It's the holidays, the anniversaries, the moments when love has nowhere to go. Precious Memories makes wearable photo buttons, memorial pins that let you carry the people you love with you, to the game your dad would have loved. To the graduation your mom didn't make it to.
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