Perhaps one of the most confusing and challenging decisions to make in business is the pricing decision. If you make the wrong decision, it can be very costly: price your product too high, and you stand to lose lucrative customers, but underprice it, and you’ll miss out on additional revenues and profit.
Inflation is a common worry for business owners. It can cause substantial increases in wages and the cost of consumer product goods that can cut into margins and increase prices. Raw materials have also seen multiple price increases, and supply chain issues continue to cause delays. 26% of small business owners have seen their costs rise by more than 20% since 2020. But there are many ways that small businesses can address inflation to reduce its impact on customer spending.
This presentation will discuss various pricing and cost reduction strategies small business owners should consider during inflationary times.
Presented by: Del Carver, Co-Chair Prairie and Lakes SCORE.