6-21-22 – Attack Inflation With Strategic Price Increases

NEWS ROUNDUP1 The vast majority of small business owners, 83%, are expecting a recession, according to the Small Business Recovery Report issued today by Kabbage.https://newsroom.kabbage.com/news/new-kabbage-survey-shows-80-of-u-s-small-businesses-are-confident-they-could-withstand-a-u-s-economic-recession/---------- 2Rent costs are going up.  52% of small businesses have experienced rent hikes in the last six months, according to a report out this month by Alignable.https://www.alignable.com/forum/small-business-rent-crisis-reaches-highest-levels-so-far-in-2022---------- 3Ship.com is offering a free 14-day trial of its shipping platform optimized for small e-commerce business owners. https://www.einnews.com/pr_news/575631468/ship-com-announces-0-trial-of-shipping-platform-optimized-for-small-business---------- FEATURE – Attack Inflation With Strategic Price IncreasesWe’re likely in prolonged inflationary period.  Leaving your prices unchanged and watching your profit margins steadily shrink is not the answer.View our current environment as an opportunity to strengthen your position in the market.Lean into your core offering and redouble your efforts there.Focus on less price-sensitive customers, and go after more prospects like them.In their book The Strategy and Tactics of Pricing, Thomas Nagle, John Hogan, and Joseph Zale recommend segmenting your products into different packages at varying price points.Be fair and authentic with customers.   ---------- This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/. ---------- I would love to hear from you! Please email me at [email protected]. ----------Email me at [email protected] give me feedback on the podcast.Show web site:  www.smallbizflash.com