Managing Inflation and How to Raise Your Prices

Everything is more expensive this year. With record-setting inflation hitting all of our wallets, how can Small Business owners manage increasing supply costs while still keeping their customers happy?

We included some tips about managing inflation in episode 351 back in October, but with inflation sticking around longer than first anticipated, it’s worth revisiting and expanding on that topic. The Producer Price Index rose to 9.6% year-over-year, the largest increase in history. Let’s figure this out together on episode 360 of The Small Business Show with your hosts Dave Hamilton and Shannon Jean.

• 00:00:00 Small Business Show #360 for Wednesday, December 29, 2021
  • SEP vs. 401k
  • Choosing the right accountant!
• 00:9:53 SPONSOR: Napjitsu. We love power naps here at SBS, and we know you do to. Napjitsu is a new way to recharge your body and your brain. For a limited time, receive 30% off your first purchase at Napjitsu.com/SBS.
• 00:11:37 Managing Inflation and Do you need to Raise Your Prices
  • Producer Price Index Rose 9.6% year-over-year
  • Meet (and manage!) price expectations, and offer a value-add for a little more
  • Don’t apologize, just be transparent
  • Say “it’s unfortunate” instead of “I’m sorry”.
  • Small Business Show helps you identify your Primary Customer
  • Reduce discounts and coupons
  • Don’t make fear-based decisions
• 00:31:36 SBS 360 Outtro

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