With the ever-increasing costs of insurance premiums, employee salaries, materials, etc., it’s nearly impossible to keep your business successful without raising your prices. Sure, a price increase comes with the risk of losing some longtime customers, but sometimes you have to be willing to take a chance in order to stay out of the red.
According to an article on this week’s CNNMoney Web site, “Many business owners assume that any price increase will drive customers away. But consultants who work with small companies say they often underestimate their pricing power.”
The bottom line: Prices are soaring everywhere, and if you fix the cost of your product, your profit margin will shrink down to nothing.
Check out the article to learn how other small-business owners solved their pricing problems.
