The start of the year is a good time to reflect on the past, but also to look beyond the horizon. I thought this would be a great time to give you an update on a few things we have in the hopper.
2022 presented challenges to businesses of all types and ours was not exempt. Mainly those related to supply challenges, price increases and vendor labor shortages. We are serious about supporting jobs in the USA and refuse to make our flanges or precision hubs offshore. We were hit with price increases for everything imaginable, including raw materials, shipping, supplies, R&D and of course labor. Despite manufacturing cost increases, that at times nearly doubled, we held our prices steady throughout the year as I had hoped that we would see some signs of easing with time. Unfortunately, that is not the case and sadly we are faced with the need to increase our retail prices enough to cover the increases. You will see these price increases starting to be phased in sometime in March. I wanted to give you a heads up now so you have time to pick up that extra take up reel today at the regular price before the price increases. This offer will not be made available to the public.
Now for some good news: new products!
We have new design prototypes and want to share them with you to get your feedback to help identify the best contenders for production. Hit the survey link in this newsletter. It will only take a couple of minutes tops.
That's not all, we are in the early stages of engineering for an entirely new product, and it's not a reel. Assuming all goes well, we hope to share more with you in the coming months. This is a product that has been suggested to us by many of our customers. Sorry for the tease!
2022, our second year in business, was a really great year for us. November sales were well over triple our typical sales volume alone. Last year we launched our 7” reels, exhibited in our first industry show, and spent time with, and got great advice from, several industry legends. We shipped reels to over 11 different countries. Most importantly, we really connected with many of our customers. By that I mean, we made some really good friends with people who live all over the world. People from all walks of life, but people who all share the same deep love of music on tape. That is the simple reason why we started the company, and that is what keeps us going.
Thank you for your business, support and input. Questions? Suggestions? Feel free to drop me a line at kr@root.associates.
Cheers!
Carol and Kevin Root
