Should You Raise Your Prices for Inflation?
Read the full episode transcript below:
00:28 David Blackmon: Hey everybody. Welcome to another episode of wp the podcast i’m David Blackmon
00:29 Tim Strifler: And I’m Tim Strifler.
00:30 David Blackmon: Today we’re going to talk about whether or not you should raise your prices because of inflation. You know inflation is a real thing. It’s kind of insane the inflation that’s happened in the last decade alone, um but it is a reality and stuff. Cost of goods and services have gone up should you raise your rates? My short answer is, hell to the yeah! Um Tim what’s your short answer?
01:06 Tim Strifler: Yeah, now i definitely agree. You want to make sure that you’re staying profitable as costs are rising um however one thing that i want to say about inflation, is you see businesses raising their prices but they’re raising their prices like 40 percent 50 and it’s like “whoa whoa like inflation’s not that high”. Yes you know it it is higher than it has been in a long time but um you don’t need to gouge your customers. Don’t use it as an excuse to gouge your customers just because inflation’s happening. And so yeah that that would be the only only thing i would say. But yeah overall you should definitely raise your prices, you need to make sure you’re staying in business by getting enough money for your services.
01:54 David Blackmon: Yeah you brought up a good point, don’t confuse raising your weights with inflation with charging what you’re worth, so you should be charging what you’re worth. But Tim’s right, inflation it should be you know it should represent kind of what’s going on in the world, in the world economy and stuff. So um absolutely raise your rates you know don’t couch don’t do it crazy but you know protect yourself. All right, tomorrow we’ve got another great topic, what social platform should you use to promote your business. Until tomorrow we’ll see you.
02:18 Tim Strifler: Take care bye-bye
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