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Recently, my wife, Kathy, came home frustrated that her hairdresser had increased his price by over 50%! It reminded me of an inflation factor that I think often gets overlooked – the inflation lag.
Large businesses constantly monitor product pricing so they are quick to increase prices. Small business owners, however, do not take increasing prices lightly.
Frequently, their fear of losing customers cause them to delay much needed price increases. However, if not addressed, their business may be in jeopardy.
In Luke 14:28, Jesus said, “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?”
If you haven’t yet addressed your shrinking margins, it may be time to consider a price increase.
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