{"id":4361,"date":"2026-06-01T23:13:29","date_gmt":"2026-06-01T23:13:29","guid":{"rendered":"https:\/\/kaerus.fr\/the-economics-of-hidden-costs-what-business-leaders-need-to-watch\/"},"modified":"2026-09-13T23:52:23","modified_gmt":"2026-09-13T23:52:23","slug":"the-economics-of-hidden-costs-what-business-leaders-need-to-watch","status":"publish","type":"post","link":"https:\/\/kaerus.fr\/en\/the-economics-of-hidden-costs-what-business-leaders-need-to-watch\/","title":{"rendered":"The economics of hidden costs &#8211; What business leaders need to watch"},"content":{"rendered":"\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-4afb215\" data-block-id=\"4afb215\"><style>.stk-4afb215 {height:21px !important;}<\/style><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-929191b\" id=\"strong-en-2026-leconomie-ne-laisse-plus-beaucoup-de-place-aux-approximations-strong\" data-block-id=\"929191b\"><h3 class=\"stk-block-heading__text\">In 2026, the economy leaves little room for approximation<\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-a460f5e\" data-block-id=\"a460f5e\"><style>.stk-a460f5e {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">France is operating in an environment of <strong>weak growth<\/strong>, <strong>still-volatile inflation<\/strong>, more <strong>selective financing<\/strong> conditions and <strong>increasing pressure on margins<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-5a193bc\" data-block-id=\"5a193bc\"><style>.stk-5a193bc {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">The Banque de France has <strong>lowered its forecast<\/strong> for French economic growth to <strong>0.5% for 2026<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-342ab5a\" data-block-id=\"342ab5a\"><style>.stk-342ab5a {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">INSEE expects growth to remain limited to 0.7%, following a <strong>0.1% decline in GDP<\/strong> in the first quarter of 2026. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-ab1eb36\" data-block-id=\"ab1eb36\"><p class=\"stk-block-text__text\">At global level, the IMF forecasts growth of <strong>3.1% in 2026<\/strong>, below the averages observed <strong>before the pandemic<\/strong>.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-f25c9d6\" data-block-id=\"f25c9d6\"><style>.stk-f25c9d6 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">These figures are not simply macroeconomic data. They are changing the way businesses need to be managed. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-e95fcf4\" data-block-id=\"e95fcf4\"><style>.stk-e95fcf4 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span> When growth slows, <strong>poor decisions become more costly<\/strong>.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-b541d8e\" data-block-id=\"b541d8e\"><style>.stk-b541d8e {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span> When inflation returns through energy prices, <strong>margins can shift more rapidly<\/strong>.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-5d40edd\" data-block-id=\"5d40edd\"><style>.stk-5d40edd {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span> When interest rates remain high, <strong>every financing decision has a greater impact on the future<\/strong>.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-0f49520\" data-block-id=\"0f49520\"><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span> When <strong>business failures<\/strong> exceed <span style=\"color: #000000;\" class=\"stk-highlight\"><strong>70,000 over a twelve-month period in France at the end of April 2026<\/strong><\/span>, the financial strength of customers, suppliers and partners becomes a board-level issue.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-1d1e077\" data-block-id=\"1d1e077\"><p class=\"stk-block-text__text\">In this environment, business leaders can no longer focus solely on visible costs. They must also examine <strong>invisible costs<\/strong>. These are often the factors that weaken a business before the financial statements reveal the problem clearly.  <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-99b3464\" data-block-id=\"99b3464\"><style>.stk-99b3464 {height:50px !important;}<\/style><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-90e33ef\" id=\"strong-une-economie-faible-revele-ce-que-la-croissance-cachait-strong\" data-block-id=\"90e33ef\"><h3 class=\"stk-block-heading__text\"><strong>A weak economy exposes what growth used to conceal<\/strong><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-5cc740a\" data-block-id=\"5cc740a\"><style>.stk-5cc740a {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">When activity is expanding rapidly, certain weaknesses can remain absorbed by revenue growth.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-01e837d\" data-block-id=\"01e837d\"><style>.stk-01e837d {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> An overly complex organisation can <strong><span style=\"color: #000000;\" class=\"stk-highlight\">continue to function<\/span><\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-6a7b1a2\" data-block-id=\"6a7b1a2\"><style>.stk-6a7b1a2 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> Insufficiently analysed margins can be <strong><span style=\"color: #000000;\" class=\"stk-highlight\">offset by higher volumes<\/span><\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-1bd0ba6\" data-block-id=\"1bd0ba6\"><style>.stk-1bd0ba6 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> Poorly anticipated <strong><span style=\"color: #000000;\" class=\"stk-highlight\">cash flow can remain manageable thanks to the steady inflow of new sales<\/span><\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-42949f3\" data-block-id=\"42949f3\"><style>.stk-42949f3 {margin-bottom:40px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> An unprofitable customer can remain in the portfolio <span style=\"color: #000000;\" class=\"stk-highlight\"><strong>without immediately triggering concern<\/strong><\/span>.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-67c244c\" data-block-id=\"67c244c\"><style>.stk-67c244c {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong>But in a low-growth economy, those margins for error disappear.<\/strong><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-71788f0\" data-block-id=\"71788f0\"><style>.stk-71788f0 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> Growth <strong><span style=\"color: #000000;\" class=\"stk-highlight\">no longer absorbs<\/span><\/strong> internal inefficiencies. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-4071122\" data-block-id=\"4071122\"><style>.stk-4071122 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> It <strong><span style=\"color: #000000;\" class=\"stk-highlight\">no longer masks<\/span><\/strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong> <\/strong><\/span>delays in invoicing. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-40946a2\" data-block-id=\"40946a2\"><style>.stk-40946a2 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span> It <strong>no longer compensates<\/strong> for poorly structured contracts. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-6a9c630\" data-block-id=\"6a9c630\"><style>.stk-6a9c630 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span> It <strong>no longer forgives<\/strong> delayed decisions.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-143a141\" data-block-id=\"143a141\"><p class=\"stk-block-text__text\">This is precisely what 2026 is demanding from business leaders.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-7e04b3c\" data-block-id=\"7e04b3c\"><p class=\"stk-block-text__text\">The issue is no longer simply about selling more. <strong>It is about understanding<\/strong> more precisely what each decision actually produces within <strong>the economics of the business<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-4cb7717\" data-block-id=\"4cb7717\"><p class=\"stk-block-text__text\">A company can <strong>report stable revenue<\/strong> and still <strong>lose economic strength<\/strong>. Not because its market is disappearing, but because its invisible costs are increasing faster than its ability to manage them.  <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-af17c39\" data-block-id=\"af17c39\"><style>.stk-af17c39 {height:50px !important;}<\/style><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-efab152\" id=\"strong-les-couts-invisibles-sont-economiques-avant-detre-comptables-strong\" data-block-id=\"efab152\"><h3 class=\"stk-block-heading__text\"><strong>Invisible costs are economic before they are accounting costs<\/strong><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-d2475bc\" data-block-id=\"d2475bc\"><style>.stk-d2475bc {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">An invisible cost does not always appear as a separate line item in the income statement.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-7446873\" data-block-id=\"7446873\"><style>.stk-7446873 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> It may take the form of a quotation that takes <strong>too long to approve<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-b42a8fe\" data-block-id=\"b42a8fe\"><style>.stk-b42a8fe {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span> A contract accepted with an <strong>insufficient margin<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-e728787\" data-block-id=\"e728787\"><style>.stk-e728787 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> A customer retained out of habit despite requiring <strong>disproportionate internal resources<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-095b414\" data-block-id=\"095b414\"><style>.stk-095b414 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> A team operating without <strong>sufficiently clear<\/strong> performance indicators. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-65a027e\" data-block-id=\"65a027e\"><style>.stk-65a027e {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> A business leader forced to intervene in <strong>too many operational decisions<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-f3d3def\" data-block-id=\"f3d3def\"><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> Reporting delivered after the point at which <strong>it would have been useful<\/strong>.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-75702fa\" data-block-id=\"75702fa\"><style>.stk-75702fa {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">These costs are rarely dramatic at first. But they accumulate. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-5280bac\" data-block-id=\"5280bac\"><style>.stk-5280bac {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> They <strong>reduce margins<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-825bbd0\" data-block-id=\"825bbd0\"><style>.stk-825bbd0 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> They <strong>consume management time<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-14144da\" data-block-id=\"14144da\"><style>.stk-14144da {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> They <strong>weaken cash flow<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-db01554\" data-block-id=\"db01554\"><style>.stk-db01554 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> They <strong>slow down decision-making<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-d925081\" data-block-id=\"d925081\"><style>.stk-d925081 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> They <strong>undermine execution<\/strong>. <\/p><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3 <\/strong><\/span><\/span><\/strong>They make the business<strong> increasingly dependent<\/strong> on a small number of key individuals.<br>In the financial statements, their effects often appear too late.<\/p>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-f111003\" data-block-id=\"f111003\"><style>.stk-f111003 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">In the financial statements, their effects often appear too late.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-c660140\" data-block-id=\"c660140\"><style>.stk-c660140 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> <strong>Margins deteriorate<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-ea62231\" data-block-id=\"ea62231\"><style>.stk-ea62231 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> <strong>Profit declines<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-e6b7bf9\" data-block-id=\"e6b7bf9\"><style>.stk-e6b7bf9 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> <strong>Cash flow becomes strained<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-4736f10\" data-block-id=\"4736f10\"><style>.stk-4736f10 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/span><\/strong> <strong>Working capital requirements increase<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-1ae21f6\" data-block-id=\"1ae21f6\"><p class=\"stk-block-text__text\">But the final figure does not always reveal where the company first began to lose value.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-5ad63ab\" data-block-id=\"5ad63ab\"><p class=\"stk-block-text__text\">This is where economic analysis becomes critical.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-f137a76\" data-block-id=\"f137a76\"><p class=\"stk-block-text__text\"><strong><em>The income statement tells you what happened. Strategic analysis must explain why it happened. <\/em><\/strong><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-2d11466\" data-block-id=\"2d11466\"><style>.stk-2d11466 {height:50px !important;}<\/style><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-7231a25\" id=\"strong-linflation-2026-nest-pas-seulement-un-sujet-de-prix-strong\" data-block-id=\"7231a25\"><h3 class=\"stk-block-heading__text\"><strong>Inflation in 2026 is not simply a pricing issue<\/strong><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-11693dc\" data-block-id=\"11693dc\"><p class=\"stk-block-text__text\">In 2026, inflation cannot be reduced to a general rise in prices. <strong>It acts as a stress test for the business model.<\/strong> <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-ba31c30\" data-block-id=\"ba31c30\"><p class=\"stk-block-text__text\">The European Central Bank forecasts inflation of <strong>3.0% in the euro area in 2026<\/strong>, notably driven by energy prices. In France, the Banque de France expects headline HICP inflation of <strong>2.5% in 2026<\/strong>, before easing to around <strong>1.7% in 2027 and 2028<\/strong>. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-1abdee1\" data-block-id=\"1abdee1\"><p class=\"stk-block-text__text\">For business leaders, this means one simple thing : <strong>it is no longer enough to observe that costs are increasing.<\/strong><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-fdc2a48\" data-block-id=\"fdc2a48\"><p class=\"stk-block-text__text\">They need to understand which increases can be passed on, which must be absorbed, which require renegotiation and which reveal a structural weakness.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-b383b74\" data-block-id=\"b383b74\"><p class=\"stk-block-text__text\">A rise in costs can expose an overly rigid pricing model, contracts that are insufficiently indexed, excessive dependence on certain suppliers, a lack of budget scenarios or margins that only remain viable in a stable economic environment.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-2729346\" data-block-id=\"2729346\"><p class=\"stk-block-text__text\">Inflation should therefore be treated as a test.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-1522f28\" data-block-id=\"1522f28\"><p class=\"stk-block-text__text\"><strong>It tests the quality of pricing, the resilience of margins, the ability to renegotiate, the speed of decision-making and the financial maturity of the business.<\/strong><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-1ecba70\" data-block-id=\"1ecba70\"><style>.stk-1ecba70 {height:50px !important;}<\/style><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-dc67fc9\" id=\"strong-le-financement-redevient-un-arbitrage-strategique-strong\" data-block-id=\"dc67fc9\"><h3 class=\"stk-block-heading__text\"><strong>Financing is once again a strategic trade-off<\/strong><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-47ed91c\" data-block-id=\"47ed91c\"><p class=\"stk-block-text__text\">For years, many companies operated in an environment where credit was relatively accessible. That cycle has ended. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-83b5f2a\" data-block-id=\"83b5f2a\"><p class=\"stk-block-text__text\">In June 2026,<strong> the European Central Bank reported<\/strong> a deposit facility rate of <strong>2.25%<\/strong>, a main refinancing operations rate of <strong>2.40%<\/strong> and a marginal lending facility rate of <strong>2.65%<\/strong>. These levels change the logic behind financing decisions. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-3b82118\" data-block-id=\"3b82118\"><p class=\"stk-block-text__text\">Financing is no longer simply a resource. It is once again a strategic trade-off. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-c9d84bc\" data-block-id=\"c9d84bc\"><p class=\"stk-block-text__text\">Borrowing, investing, hiring, restructuring debt, financing an acquisition or absorbing a temporary cash-flow gap<strong> do not produce the same consequences when the cost of capital rises<\/strong> and banks become more demanding about financial trajectories.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-08a407d\" data-block-id=\"08a407d\"><style>.stk-08a407d {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\">Business leaders therefore need to ask more rigorous questions.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-235a017\" data-block-id=\"235a017\"><style>.stk-235a017 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span> Will the investment create clearly measurable future capacity? <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-c2138a0\" data-block-id=\"c2138a0\"><style>.stk-c2138a0 {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span> Is financing being used to accelerate a strategy or to compensate for an operational weakness? <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-51fce4e\" data-block-id=\"51fce4e\"><style>.stk-51fce4e {margin-bottom:0px !important;}<\/style><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span> Is the cash requirement driven by healthy growth or by a model that consumes too much cash? <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-d5d2955\" data-block-id=\"d5d2955\"><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span> Will the level of debt still leave sufficient room for manoeuvre in two or three years?<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-912d61b\" data-block-id=\"912d61b\"><p class=\"stk-block-text__text\"><strong><em>Financing can provide short-term breathing room while reducing strategic flexibility over the medium term.<\/em><\/strong><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-7c9404a\" data-block-id=\"7c9404a\"><style>.stk-7c9404a {height:50px !important;}<\/style><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-16c36f0\" id=\"strong-les-defaillances-dentreprises-changent-la-lecture-du-risque-strong\" data-block-id=\"16c36f0\"><h3 class=\"stk-block-heading__text\"><strong>Business failures are changing the way risk must be assessed<\/strong><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-3843b93\" data-block-id=\"3843b93\"><p class=\"stk-block-text__text\">At the end of April 2026, the Banque de France recorded <strong>70,228 business failures<\/strong> on a cumulative twelve-month basis. This does not mean that all companies are at risk. But it is a reminder that economic risk spreads throughout the ecosystem.  <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-1c7a3f0\" data-block-id=\"1c7a3f0\"><p class=\"stk-block-text__text\"><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> A customer begins paying more slowly.<br><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> A supplier becomes financially weaker.<br><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> A subcontractor no longer has the capacity to deliver.   <span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> A partner reduces its commitments.<br><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> A bank requests additional information.<br><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> A buyer demands greater guarantees.  <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-81e6900\" data-block-id=\"81e6900\"><p class=\"stk-block-text__text\">Risk never remains isolated. It spreads through payment terms, commercial conditions, collections, negotiations, guarantees and investment decisions. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-81da529\" data-block-id=\"81da529\"><p class=\"stk-block-text__text\">For business leaders, this requires a more rigorous analysis of receivables, payment terms, revenue concentration, supplier dependencies and contractual commitments.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-f234b14\" data-block-id=\"f234b14\"><p class=\"stk-block-text__text\">Revenue does not have the same economic quality when it comes from financially solid, diversified customers who pay on time as when it depends on a small number of vulnerable accounts whose ability to pay is deteriorating.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-a1c2d4c\" data-block-id=\"a1c2d4c\"><p class=\"stk-block-text__text\"><em><strong>Performance should therefore not be measured solely by the volume of activity. It must also be measured by the economic quality of that activity. <\/strong><\/em><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-a108f93\" data-block-id=\"a108f93\"><style>.stk-a108f93 {height:50px !important;}<\/style><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-32f6992\" id=\"strong-lattention-du-dirigeant-est-devenue-un-actif-economique-strong\" data-block-id=\"32f6992\"><h3 class=\"stk-block-heading__text\"><strong>Management attention has become an economic asset<\/strong><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-f30b6ea\" data-block-id=\"f30b6ea\"><p class=\"stk-block-text__text\">In a more constrained economy, one resource has become particularly critical: management attention.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-481e331\" data-block-id=\"481e331\"><p class=\"stk-block-text__text\">It is consumed by key customers, teams, banks, recruitment, cash-flow pressures, regulatory obligations, commercial decisions, legal matters, taxation and organisational issues.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-d8c4063\" data-block-id=\"d8c4063\"><p class=\"stk-block-text__text\">Every poorly prepared file consumes that attention.<br><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> Every unclear indicator disperses it.<br><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> Every delayed decision clutters it.<br><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong><span style=\"color: var(--theme-palette-color-1, #224DB7);\" class=\"stk-highlight\"><strong>\u1bd3<\/strong><\/span><\/strong><\/span> Every imprecise process diverts it from genuinely strategic priorities.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-87e3b76\" data-block-id=\"87e3b76\"><p class=\"stk-block-text__text\"><strong><em>This cost does not immediately appear in the accounts. Yet it directly affects the quality of management and decision-making. <\/em><\/strong><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-2af0886\" data-block-id=\"2af0886\"><style>.stk-2af0886 {height:50px !important;}<\/style><\/div>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-ffce4af\" id=\"strong-ce-que-2026-impose-aux-dirigeants-strong\" data-block-id=\"ffce4af\"><h3 class=\"stk-block-heading__text\"><strong>What 2026 requires from business leaders<\/strong><\/h3><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-8f3892d\" data-block-id=\"8f3892d\"><p class=\"stk-block-text__text\">The year 2026 reinforces a reality that periods of strong growth sometimes make easy to forget : a business cannot be managed solely through its final profit figure.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-a3f8b8f\" data-block-id=\"a3f8b8f\"><p class=\"stk-block-text__text\">It must be managed through an understanding of its economic balance : margins, cash flow, payment terms, customer risks, exposure to external costs, ability to finance decisions, dependence on key individuals, speed of execution, quality of financial information and robustness of strategic choices.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-a9c0d3a\" data-block-id=\"a9c0d3a\"><p class=\"stk-block-text__text\">In a more demanding economy, the companies that perform best are not necessarily those with the largest volume of data. They are those that can identify the right information, at the right time, to support the right decisions. <\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-213ba88\" data-block-id=\"213ba88\"><p class=\"stk-block-text__text\">This is where financial advisory takes on its full value.<\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-74c4973\" data-block-id=\"74c4973\"><p class=\"stk-block-text__text\"><strong><em>At KAERUS, we believe that financial statements should not merely report a situation. They should help explain the economic dynamics that produced it. <\/em><\/strong><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-775cf9c\" data-block-id=\"775cf9c\"><style>.stk-775cf9c {margin-bottom:70px !important;}<\/style><p class=\"stk-block-text__text\">Invisible costs are not minor details. They are often the first signs of future imbalance.<br>Identifying them earlier means preserving freedom of action.<br>Addressing them means transforming financial information into a genuine management tool.   <\/p><\/div>\n\n\n\n<img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACw=\" alt=\"Intelligence artificielle et performance financi\u00e8re\" class=\"seo-sr-only\"\/><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACw=\" alt=\"Intelligence artificielle et performance financi\u00e8re\" class=\"seo-sr-only\"\/><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACw=\" alt=\"Intelligence artificielle et performance financi\u00e8re\" class=\"seo-sr-only\"\/>\n\n\n\n<div class=\"seo-sr-only\">\r\n  <a href=\"https:\/\/kaerus.kinsta.cloud\/expertises-comptables\/\" target=\"_blank\" rel=\"noopener\">Discover KAERUS Expertise<\/a>\r\n<\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-1ca1b94\" data-block-id=\"1ca1b94\"><style>.stk-1ca1b94 {margin-bottom:50px !important;}<\/style><p class=\"stk-block-text__text\">Rabah Lamraoui<br>Chartered Accountant in Paris<br><a href=\"http:\/\/kaerus.fr\/en\/\">www.kaerus.fr<\/a><\/p><\/div>\n\n\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-7f42551\" data-block-id=\"7f42551\"><style>.stk-7f42551 {margin-bottom:70px !important;}.stk-7f42551 .stk-block-text__text{font-size:14px !important;}@media screen and (max-width:999px){.stk-7f42551 .stk-block-text__text{font-size:14px !important;}}<\/style><p class=\"stk-block-text__text\"><em>Sources: Banque de France, Macroeconomic Projections for France, June 2026; Banque de France, Business Failures, April 2026; European Central Bank, Monetary Policy Decisions, June 2026; INSEE, Economic Outlook 2026.<\/em><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In 2026, the economy leaves little room for approximation France is operating in an environment of weak growth, still-volatile inflation, more selective financing conditions and increasing pressure on margins. The Banque de France has lowered its forecast for French economic growth to 0.5% for 2026. INSEE expects growth to remain limited to 0.7%, following a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4119,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,32,35,33],"tags":[],"class_list":["post-4361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory","category-accounting","category-audit-and-due-diligence","category-human-resources"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/posts\/4361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/comments?post=4361"}],"version-history":[{"count":6,"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/posts\/4361\/revisions"}],"predecessor-version":[{"id":4747,"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/posts\/4361\/revisions\/4747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/media\/4119"}],"wp:attachment":[{"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/media?parent=4361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/categories?post=4361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kaerus.fr\/en\/wp-json\/wp\/v2\/tags?post=4361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}