Business owners can use this checklist with its convenient prompts to help consider whether to raise prices on products or services, whether to deal with inflation or simply to align with the market and be more profitable.
Sample text from Price Increase Decision Checklist:
Consider...
…if your business expenses went up and by how much
…whether your vendors have raised their prices
…if your personnel costs have gone up
…if your insurance or other costs have risen
…when was the last time you raised prices?
…if you recently added value to your product or service
…how will you notify customers of price increases?
…have you cut expenses as much as reasonable?
…might you want to temporarily decrease your own pay?
…how loyal are your customers? Retention rate?
…are you steadily acquiring new customers?
…have your competitors raised prices?
…if you dominate the market
…have you done the market research?
…have you analyzed sales?
…do you have a plan to adjust marketing strategies?
…do you have plans to improve customer service?
…are you prepared to measure your results?
