7 things small businesses should do when fighting inflation

BY JOYCE M. ROSENBERG | November 29, 2018

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As labor and other costs rise at small businesses, owners need to look across their companies for ways to protect their profits.Many start with a hard look at expenses to see which they don’t really need, or might be able to spend less on. Increasing income is another way to ease the impact of inflation.Seven things owners should consider when dealing with rising prices, including what they charge customers:A review of a company’s finances is best handled with a trusted adviser; for example, an accountant or fellow business owner who can play devil’s advocate and may have suggestions about alternatives.  Renegotiate contracts and terms with suppliers, advises Dennis Ceru, an entrepreneurship professor at Babson College. They may be willing to give you discounts for preordering, paying early or buying bulk, he says. And in the case of cellphone or internet providers, you may have some leverage given the competition they face.

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Consumer Truth

Consumer Truth is a specialized consumer insights & strategy agency that promote a people-based​ culture among organizations and & insightful mindset in the marketing setting. Through psychology based techniques & methods, Consumer Truth explore consumers deep feelings, beliefs & behaviors (human truths), deliver actionable insights and develops insightful planning frameworks for brands & companies in LATAM.

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