Inflation is back. After a long hiatus of stable prices, businesses, including linen, uniform and facility services companies, are currently dealing with annualized cost increases of 8%-plus—the fastest pace in 40 years and significantly higher than the 1.8% average of the past decade. The resulting upticks in operating costs can cause serious damage to your bottom line.

“We’re in a very unfortunate situation now,” says Bill Conerly, principal of his own consulting firm in Lake Oswego, OR. “Businesses that have always devoted their efforts to serving customers and being productive must also start worrying about covering their costs in the ...