In this series, we’re discussing how to inflation proof your business. When expenses increase due to inflation, your net profit will be negatively impacted unless you increase revenue.
In my experience, small businesses are more reluctant to implement price increases than most large businesses. There is certainly reason for concern, but price increases are usually less traumatic than most realize.
Even if you lose some customers, they are usually the price sensitive ones who you are most likely to lose to competitors someday anyway.
Proverbs 27:23 teaches, “Be sure you know the condition of your flocks, give careful attention to your herds; for riches do not endure forever.”
When inflation starts to impact your bottom line, study your pricing carefully, but at some point, you may have to increase prices.
