Is it possible to net the same amount and make our customers happy when everything costs more?
On today’s episode, host Roland Frasier tackles inflation head-on. You can’t just sit back and wait for inflation to ease up, he says, because there are just no guarantees right now. Everything we want—from simple things to big things—costs more. A lot more. Our buying is down $84k per $1M at the moment. That’s a pretty big deal. So what are we going to do about it? How will we adjust our business to find free money? How do we net the same amount after inflation? Are there any opportunities to increase our net? How can we optimize your pricing strategies? There are several ways to counter inflation, Roland says, but pricing is by far the fastest, most effective way to increase profits. It passes everything to the bottom line.
Listen in for some simple and not-too-painful ways you can shake up your pricing right now to stay ahead of inflation.
IN THIS EPISODE YOU’LL LEARN:
- What the Great Resignation and subsequent wage increase mean for your business
- Why you need to calculate your current profit margin and TTM
- The biggest pricing mistake entrepreneurs make when times are tight
- Which promotions help your bottom line (and which ones hurt it)
LINKS AND RESOURCES MENTIONED IN THIS EPISODE:
- Ask Roland and Ryan a question HERE.
- 7 Steps to Scalable workbook
- Get a free proposal from Conversion Fanatics
- Get 3% cash back on your ad spend with AdCard
- Get my book, Zero Down, FREE
Thanks so much for joining us this week. Want to subscribe to Business Lunch? Have some feedback you’d like to share? Connect with us on iTunes and leave us a review!