Thoughts on inflation and addressing the concern of raising prices on your products and services in these times.

https://www.youtube.com/watch?v=8FBQf4MV9Zo

Transcription

Inflation and your prices.

Hi I'm Brian Pombo, welcome back to Brian J. Pombo Live.

Today I want to talk about your business. And a common question that I've been getting lately is, Should I raise my prices, especially with inflation going through the roof?

So what's inflation?

Okay, so first off, let's just all get on the same page, when we're talking inflation, when we're talking about is that the value of the dollar is being depressed, and which makes everything go up in price.

So everything all at once is going up in price. So most things are going up higher, you're just paying more for a whole lot. And there's a whole lot of reasons about what goes into that I'm not gonna get into the economics, or all the arguments about what causes it, but it is happening, we are paying more for everything.

So should you feel guilty about raising your prices, because aren't you going along with the process, if that's the case if you can go along without raising prices, and it doesn't make a big deal to your bottom line?

Fine, go for it, that is not an argument. But if you're feeling the crunch, really bad, and it's going to come down to laying people off or doing a whole lot of other things that you just don't want to do that maybe even cutting back on the quality of your product or service.

That's not a negotiation. For me, it is things are prices are going up, prices are going up, you can't take responsibility for the fact that prices are going up.

In the end, it comes out to be a very simple conversation. And this is one of the things that as I started parsing this out, in my mind, I'm like, you know, this really comes out to the most basic concepts.

But it's one of those things that we don't talk about, especially in America, if you're in America, these types of things we usually don't cover. Because it's not seen as good to be raising prices, like we should be really fighting, raising prices.

But you know what, here's how you got to see it as a business owner, and we're going to talk about the consumer. But as the producer, as the person that has something for sale, your job is to make the most amount of profit for yourself, for your investors, for any other owners that you have involved anybody that you owe money to or what have you, your job is to make that money and as much of it as possible for as little resources as possible. resources include time, it includes capital, it includes time for others, and includes employees, all these things, all the things that it takes to make whatever it is that you're selling, your job is to get the most for the least.

And you say, Wow, that's really rude. That's really slimy capitalism and so forth.

But flip it on its head. Okay, let's look at it from the consumer standpoint, nobody ever says that the consumer is greedy, because they want the most amount of resources for the least amount of money.

It's the same thing. It's only in reverse. There's no difference between the people. Because I'm a consumer, in some cases, and in some cases, I'm a producer. In some cases, I'm selling in some cases I'm buying.

And the same with most people, most people are producing something. Now they may not be producing it on a retail level. Most people aren't business owners, they're not producing stuff on a retail level,