Everyone is talking about inflation today. I remember inflation, and as I recall, I lived through it okay. Yes, I’m no spring chicken.
How do you negotiate through this inflationary period with your business intact? Chances are you’re still grappling with supply chain issues and the pandemic’s effects. Problems we didn’t have when inflation last reared its ugly head.
Don’t be afraid to raise your prices. Consumers focused on gas prices haven’t complained much about other goods and services price increases. Consider cutting back on marginally profitable goods or services and concentrate on your core business.
Have you thought about more automation? Now is the time to invest. Wise technology moves include robotics, like RPA or robotic process automation, self-service kiosks, IDP or intelligent document processing, and RID (radio frequency identification), or barcoding for inventory control.
Automate your marketing with a CDP or customer data platform. It’s an excellent way to boost your marketing efficiently. The best packages are easy to install and require little IT support.
Take a look at your suppliers and contracts. Can you consolidate and negotiate better pricing? Don’t shrug off price increases by suppliers as something you can’t control.
Remember, the “Great Resignation” isn’t over. Keeping employees happy is much less costly than finding new ones. And finding new employees is not easy either.
Keep on top of employee communication. Ask what’s working for them and what’s not working. Fix problems so your employees work to keep your business humming along.
Author: Kris Keppeler, a writer who finds technology fascinating and loves humor. She writes for Crossing Genres on Medium.com and Does This Happen to You? on Channillo. Award-winning podcast producer who enjoys telling stories. Follow her @KrisKKAria on Twitter or on LinkedIn.