Inflation Is Coming: Should You Increase Your Prices?

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With inflation likely to be on the way up, is it time to raise your prices? A few reasons why you should – and some reasons why not – so you can consider your next move.

Inflation Is Coming: Should You Increase Your Prices?

Inflation is currently running at 1.5%, but experts are forecasting that it’s likely to increase over the next year or two. The rising cost of goods and services has been driven by local labour shortages as well as higher shipping costs and product scarcity worldwide. 

The result of all these higher prices is that it is becoming more expensive to run your business. 

Should you increase your prices?

Reasons to increase your prices

You could be ready to raise prices if:

Reasons to leave prices the same

You might choose to leave prices the same if:

A difficult decision

It can be difficult to make the decision on increasing your prices. We can work with you to run a cost-benefit analysis of the potential outcomes, so just drop us a note or give us a call and we’re happy to help.

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