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Ep. 31 - Pricing for Profit During Inflation
Raise Your Prices to Protect Your Profit
This could be the MOST important episode you listen to in preparing your business for 2022! With economists warning that hyper-inflation will change the small business landscape and business owners oblivious to shrink-flation, it’s the perfect time to ensure you are paying attention to the right numbers in your business and adjusting your pricing to protect your profits. So, grab your pen and paper or print out the transcript and let’s get to work on what you need to know about inflation and pricing for profit.
Did you know that the cost of living has jumped an average of 5.4% in the US and 3.1% in Canada this year? Economists predict it will continue to rise. Why is this important to business owners? Let me tell you. If your cost of doing business increases in the coming year by 5% and you don’t have plans to raise your prices, guess what?! You’ve already lost 5% of your profit for 2022 before the year has even begun. It’s that simple.
In this week’s episode, we are getting real about three important numbers in your business: profit margin, your pricing and the cost of operating your business and diving into how knowing and tracking these metrics will help you keep your profit margin healthy in 2022. Listen in to hear the advice I give my clients on pricing for profit and how to adjust your pricing to ensure your profit margin is not degraded in the face of a big jump in inflation.
It’s time to get your financial house in order for next year... Plug in your headphones and let’s get started!
What’s in This Episode
-
Why inflation will eat your profits in 2022 if you’re not paying attention
-
How to track your profit margin and cost of operations
-
A simple formula for pricing your products and services
-
What hyper-inflation is and why it matters
-
Common errors made in pricing your products
-
How to protect your profit margin
What To Do Next
Visit lisalarter.com/e31 for the transcript and all resources from this episode.
View all episodes
By Lisa Larter
5
2020 ratings
Raise Your Prices to Protect Your Profit
This could be the MOST important episode you listen to in preparing your business for 2022! With economists warning that hyper-inflation will change the small business landscape and business owners oblivious to shrink-flation, it’s the perfect time to ensure you are paying attention to the right numbers in your business and adjusting your pricing to protect your profits. So, grab your pen and paper or print out the transcript and let’s get to work on what you need to know about inflation and pricing for profit.
Did you know that the cost of living has jumped an average of 5.4% in the US and 3.1% in Canada this year? Economists predict it will continue to rise. Why is this important to business owners? Let me tell you. If your cost of doing business increases in the coming year by 5% and you don’t have plans to raise your prices, guess what?! You’ve already lost 5% of your profit for 2022 before the year has even begun. It’s that simple.
In this week’s episode, we are getting real about three important numbers in your business: profit margin, your pricing and the cost of operating your business and diving into how knowing and tracking these metrics will help you keep your profit margin healthy in 2022. Listen in to hear the advice I give my clients on pricing for profit and how to adjust your pricing to ensure your profit margin is not degraded in the face of a big jump in inflation.
It’s time to get your financial house in order for next year... Plug in your headphones and let’s get started!
What’s in This Episode
-
Why inflation will eat your profits in 2022 if you’re not paying attention
-
How to track your profit margin and cost of operations
-
A simple formula for pricing your products and services
-
What hyper-inflation is and why it matters
-
Common errors made in pricing your products
-
How to protect your profit margin
What To Do Next
Visit lisalarter.com/e31 for the transcript and all resources from this episode.