Inflation can be nasty!

Know when to adjust prices — and how to communicate pricing

Knowing when to increase prices can be a daunting decision for small businesses. The rising cost of goods puts small businesses in the position of weighing staying afloat, potentially putting off customers. 

If the pinch of inflation has forced small businesses to up their prices, here are some strategies to help keep customers happy and stay competitive:

• Don’t catch customers off guard — announce price increases before they happen and focus on why and the quality of services/products.

• Experiment to find the right pricing that meets the needs of the business and keeps customers loyal.

• Create bundles and packages to sell more products to one customer.

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