Financially Simple

Business owners all over the country are feeling the effects of inflation in their organizations. The longer it goes on, the harder it becomes to simply "wait it out." The truth is many business owners are facing a tough choice… continue watching their profit margins diminish until they're forced to close their doors or increase their pricing. But how can business owners raise their rates without losing customers? In this episode, I detail the necessary steps to increase your pricing without scaring away your customers. I explain the importance of quantifying your changes with real data, communicating increases with your sales team, and following up with customers after the increase has taken place. Additionally, I look at why timing is critical to successfully executing a price increase. This week on The Financially Simple Podcast: The effects of the current inflationary trend (02:35) A multi-faceted approach to determine what your price needs to be (04:45) Gauging competitor pricing (08:25) Peanut Butter