The topic of inflation has been the top story for a while. And while this is indeed disconcerting, my guess is that it will take a while longer for inflation to settle down as monetary policy and the supply chain play catch up. So, in this episode I thought it would be helpful to talk about the impact of inflation on your small business.
What exactly does inflation mean? How can you deal with it as a small business owner? And when might it end?
The reality is that inflation is always happening, so entrepreneurs need to be prepared for it. Once you understand how inflation affects your business, you can come up with solutions to navigate it.
For more information, check out this blog post.
Episode Highlights
- [01:32] What is inflation?
- [02:42] How did we get here?
- [05:00] Why small business owners need a strategy to navigate inflation.
- [06:03] What to think about when raising prices for your customers.
- [07:28] How to improve efficiencies and cut back on overhead costs.
- [09:05] Strategies to maintain your profit margins as prices remain high.
- [10:28] Why saving money isn’t enough on its own.
Enjoy the Episode!
