There’s little question that inflation has been the year’s dominant economic story, impacting consumers and business owners alike.
Stemming from the shockwaves of the pandemic and its attendant supply chain disruptions, inflation continues to be a real burden to those who work in the trade services. In particular, many business owners wonder: How should pricing be adjusted to reflect these broader macroeconomic trends?
Here are a few guidelines to consider to ensure reasonable and effective pricing in this current, inflationary environment:
Adjust discounting and promotionsDuring inflation, price increases are simply a given. However, companies that routinely address total customer and product profitability are
How to Adjust Pricing to Accommodate Inflation
Business owners need to monitor costs right now, and price adjustment is one way to do that. But be careful about how you approach it and don’t let it be your only strategy.
May 19, 2022 | by Amanda Clark |
