The current inflation rate is 7.5% and trending the wrong way. Since you probably already don’t charge enough, what’s your plan now?
You might think that a rude and presumptuous opener, but it’s intended as a tough-love reality check for which you’ll thank me later. Because no business owner has experienced such a spike in inflation since Carter tossed the White House keys to Reagan and “The Jeffersons” replaced “All in the Family” on TV. That was more than 40 years ago when inflation was double today’s rate.
Those facts are why we’re going to discuss the impact of inflation on your pricing strategy. Wait! What? You do have one of those, don’t you? I’ll give you a minute. [Continue Reading]