An analysis on the subject is provided by Otto Stecher, Director of Business Outsourcing Services at Deloitte, detailing the particular situation of Costa Rica's economy and its impact on business, which can be extrapolated to any company in the region.

"... Cost management remains the vertical column to the survival and growth of enterprises. We must not focus solely on the macroeconomic changes, we visualize what we can do internally in our companies. Ask yourself the following questions:

1. Do I have a pricing strategy for my products or services according to the market?
2. Am I aware of how much I'm losing with certain products and when I am ceasing to make a profit?
3. Do I have some idea of how much "fat" does my company have, can I optimize it, and make it a more competitive?
4. Do I have a plan for improvement and mitigation to maintain profitability or improve it?

"... The worst thing we can do at this time, under the current world situation, is go into "paralysis". Far from it, we should be dynamic and look for opportunities.

Source: Deloitte

More on this topic

How to Know if You Can Raise Prices Successfully?

June 2021

If the products and services sold include aspects that are highly valued by customers and our prices have evolved below market rates, it means that it is feasible to raise marketing prices.

Ariel Banos, founder of Fijaciondeprecios.com, describes the signs that should be analyzed by businessmen at the moment of applying an increase in the prices of the products and services marketed.

Pricing Strategy: What NOT to say

February 2021

"The cost determines my selling price" and "let's lower prices to win customers and then start raising them" are some of the phrases that should be avoided when designing a pricing strategy.

Ariel Banos, founder of Fijaciondeprecios.com, has identified five phrases that are dangerous and that companies should avoid applying when designing their price management strategy.

Competitiveness and Devaluation

July 2019

In a competitive scenario for lower costs and higher productivity, devaluation against the Lempira Dollar in Honduras and the Cordoba Dollar in Nicaragua is a factor that could help these economies stay competitive.

In the last five years, the exchange rate in Honduras increased by 17%, from 21.06 Lempiras per U.S.

Costa Rica: Central Bank will Not Change its Exchange Rate Policy

October 2016

Despite constant complaints from the export sector, the Central Bank has been clear that devaluing the Colon against the dollar would mean a reversal of the exchange rate policy.

The insistence with which exporters and tourism entrepreneurs have raised the need to depreciate the Costa Rican currency to recover some of the lost competitiveness in the external field was not enough to change the opinion of the monetary authority.