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Inflation: How-To Prepare and Protect Your Small Business
Leaders Of Industry Segment

How does inflation impact a business, and how can you build an inflation-proof business by making critical changes to boost revenue? The reasons and the remedies might surprise you, but they can be critical to preparing for inflation and surviving its impact. In fact, how your company reacts to small business inflation can become a sustainable competitive advantage! Here's how:

Is inflation ever normal? In less turbulent economic conditions, inflation is a normal and manageable fact of business life. In short, small business inflation can be defined as:

A continual rise in the pricing of goods and services.

Of course, inflation impacts buying power for the consumer, too. When inflationary price increases across the economic landscape are small and expected, preparing for inflation is somewhat easily accomplished in one (or both) of two ways:
  1. Raising prices of products and services to cover the cost of goods and cost of operations
  2. Cutting source material and/or operating costs
It's when unexpectedly high inflation prevails that businesses often lack the confidence and agility to respond.

How Does Inflation Impact a Business?

Preparing for inflation and executing steps for protection against inflation first requires understanding how inflation impacts businesses. Again, in stable economic times, inflation is less troublesome for business owners. In fact, research shows that inflation barely registers as a concern for most. But when inflation spikes, worry grows.

A D V E R T I S E M E N T

A D V E R T I S E M E N T

Specific Small Business Inflation Challenges

Inflation certainly brings its share of big-picture concerns. It can also manifest with specific challenges which may include: How Inflation Impacts Businesses ... Positively

Although inflation is often seen (rightly so) in a negative light, it can spawn some positive outcomes as well. These include: How to Respond to and Protect Against Inflation by Focusing on Sales

After cutting costs and raising prices, what can the small business owner do to turn inflation's business impact into a competitive advantage? One way is to focus on sales. Here are some strategic and tactical ways to make sure your sales operation can be more effective, efficient, and profitable in response to inflationary influences:

Enhance Your Sales Plan

A new economic landscape can change industries and marketplaces almost overnight. Is your Sales Plan still relevant? If you're not sure, take steps to: Improve Your Sales Process

Does your current sales process still work in the altered competitive landscape? If not, be sure to: Execute and Grow Sales

Beyond strategy and processes, empower your sales operation by: For a clearer picture of how inflation impacts businesses and how to "inflation-proof" your business, contact me today (DM or johnlee@salesxceleration.com) to learn more.



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--John Lee CSL- Contributing Writer

Post Date: 2022-09-20 08:10:13Last Update: 2022-09-20 17:16:15

    


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