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How To Adapt Your Business’s Pricing For Inflation
Raise prices without losing customers
May 10 @ 9:00 am – 10:00 am PDT
NOTE: This is a live session only! No recording of this webinar will be emailed post-presentation.
“How to Adapt Your Business’s Pricing for Inflation”
Adapting Prices for Inflation:
We are still experiencing high inflation levels across all industries. Long-term Inflation impacts small businesses by reducing profitability. Cost-cutting can repair some of the damage, but effective pricing strategies & tactics are essential for sustainable profitability.
This webinar will describe two primary processes for raising prices and how to use each one. Using Pricing Analytics to judge price increase feasibility will be illustrated, along with a discussion of maximizing your business Pricing Power.
Don’t let your business be a victim of inflation! Leverage the value you deliver to your customers to stay ahead in the game.
Join us for this webinar to learn:
*Pricing strategies that will help you reduce the effects of inflation on your business.
*The primary processes for raising prices
*How to utilize Pricing Analytics for price increases
*How to communicate price increases with customers to keep their business and ensure their loyalty
In addition, it’s important to hold on to your unique value proposition as a business. Understand the value that sets you apart from your competition. Continually sell that value to your new and existing customers. Remember that when you offer a value that no one else can, your customers are willing to pay for that product/service.
Customers who already understand the need to raise prices during inflation accept that there will be cost increases on their end. They know the value they would be sacrificing if they were to stop doing business with you.
While adjusting prices for inflation, you must also keep an eye on your numbers. Keep a closer eye on financial reports to uncover market changes quickly.
Cash flow reports, cash flow forecasts, and budgets are especially important during inflationary times. Pay close attention to planned revenue and expenses compared to your actual revenue and expenses. This will allow you to make adjustments quickly to prevent unexpected cash flow shortages from occurring as a result of costs that are constantly changing.
Register for No-Cost Coaching
This webinar features guest presenter Warren Mueller of Antimo Pricing Management in Florence, AL. Warren is a Professional Pricing Strategist and former North Idaho SBDC Business Coach. He currently coaches SBDC clients in Alabama.
Individual, no-cost business coaching is available at no charge to local North Idaho business owners. Request a coaching appointment HERE, or call our office for more details at 208-665-5085.