HOW TO ADAPT YOUR BUSINESS'S PRICING FOR INFLATION
"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 former North Idaho SBDC Business Coach and 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.
Presented by: Warren Mueller, Former Business Coach, North Idaho Small Business Development Center
Warren managed an international defense contracting business for 15 years, specializing in surface-ship and nuclear submarine applications to meet a demand for fire-resistant materials. He spent the next 15 years of his career in the international specialty chemical and plastics industries, driving business and market growth in emerging markets like Asia, The Middle East, and South America.
North Idaho Small Business Development Center – North Idaho Small Business Development Center provides one-on-one, professional business coaching that helps small-business owners accelerate their businesses success. We offer the tools, resources, expertise and peace of mind to help you feel confident and supported in taking your business to the next level, no matter where you are in the process. Best of all, our coaching services come at no cost to you because we’re funded by the U.S. Small Business Administration, the State of Idaho, and North Idaho College all who want to see businesses like yours succeed. https://nisbdc.com/
Hosted by: North Idaho College
Disclaimers: The information provided in this webinar and any supplementary materials provided to registrants are intended for educational and informational purposes only and does not constitute professional financial or legal advice. No registrant should act or fail to act on the basis of any material contained in this webinar without obtaining proper financial, legal, or other professional advice specific to their situation.
The North Idaho Small Business Development Center, and its host, North Idaho College, specifically disclaims any liability, loss or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use and application of any of the information presented in this webinar.
By registering for this webinar you acknowledge and agree that you have read, understood, accept and agree to the above disclaimer and that under no circumstances shall the North Idaho Small Business Development Center or it’s host, North Idaho College, be held liable for any claims, losses, or damages of any kind or nature arising out of or in any way related to the information provided in this webinar and/or the registrant’s use of or reliance on said information.
Speaker(s): Warren Mueller
Fee: No Cost