Firms urged to consider small price rises to ‘hang in there’
A BUSINESS advisor has responded to the 40-year inflation record, saying that businesses can still take steps to help them feel less of a strain.
Colin Bielckus runs Outsourced Finance Director, based in Whiteley, and advises companies across the country on how to make the best financial decisions.
With inflation reaching a 40-year high of nine per cent, the business advisor and accountant is offering advice on how to get through the hike.
He said: ‘Every financial decision you make as a business owner is going to cost you slightly more than previously with inflation being at the level that it is. Whether it’s wages or supplies, you have two choices – absorb the costs or make more money.
‘The advice from the government, to work more or get a better paid job, is largely unhelpful for a lot of people.’
Colin is encouraging businesses to implement a small price increase to help them get through this increase in inflation.
He said: ‘Although there is no quick-fix in this situation, my advice would be to increase your prices. Your suppliers, materials or products have likely increased in cost, your competitors have probably done the same.’
‘The key part of this would be to be considerate. It’s a risk to increase your prices in this climate, as clients and customers could walk away, it’s important to continue to provide value and a good honest service, to retain your clients and take them with you as things – hopefully – settle down and return to normal.
‘Protect your customers, but not at the detriment of your company. Most of all, hang in there.’