At a time when commodity prices have hit a historic high and are continuing to to climb, more and more businesses are confronting an uncomfortable reality: that today’s inflationary environment will be with us for some time. What’s more, companies are simultaneously grappling with supply chain disruptions, an energy crisis and higher wages stemming from labor shortages. Overcoming this confluence of challenges will require taking decisive steps to not only adjust prices and seek new sources of growth but also pursue an aggressive stance on cost cutting—the often-overlooked side of the coin when it comes to the success of every business strategy.