How to Survive the Effects of Inflation as a Small Business Owner

Have you noticed your suppliers are raising their prices? Is the cost of operating your business starting to rise? What you’re experiencing is inflation.

Here’s an example of inflation I’ve seen recently. It was common even a year ago to have a housekeeper charge $25 CAD per hour, now the going rate is $40 CAD. Why did it go up so much? The cost of operating a business has increased (supplies, gas, rent, utilities) and the cost of living has gone up (groceries, rent, clothes, entertainment).

Chances are you’ve been busy. So busy that you may not have noticed the small changes that have increased the costs of your business. If you aren’t watching these can compound and suddenly your operational costs and cost of goods sold will be out of alignment and your profits won’t be enough to cover expenses.

The question becomes, what are you going to do about it? How will your business survive the effects of inflation while still providing a healthy, prosperous life for you, your employees and your family?

Here are 5 things you can do right now so your business survives and thrives during inflation:

• Look at your income statement
• Set aside strategic time
• Don't sell through someone else's pocket
• Reflect on your money story
• Change the perceived value of your work

Read the details about each point at https://www.systemsbusinesscoach.com