Tackling Inflation: Strategies to Manage Costs, Pricing, and Wages

Stressing over rising costs and wage pressures? This episode dives into essential strategies for managing inflation, from understanding your numbers and optimizing labor costs to leveraging automation tools for efficiency. Learn how to communicate price increases to clients, negotiate with suppliers, and implement effective pricing models. Join Richard Grove, of The Small Business Consultant, for insights from on maintaining profitability and preparing for future inflation challenges with practical, actionable advice.

 

(00:00) Introduction to the episode and guests

(01:13) Your first step in tackling inflation: understanding your numbers

(04:43) Strategies for managing labor costs

(06:35) Leveraging employee interests and offering new opportunities

(08:05) Using Jobber to automate invoicing and save time

(08:56) Understanding unit economics and pricing models to cut costs and eliminate inefficiencies

(11:55) How to communicate and negotiate with suppliers to save costs

(14:41) Benefits of long-term relationships with suppliers and the impact of volume on pricing tiers.

(16:42) Strategies for communicating increased pricing to clients and implementing pricing tiers or referral incentives

(21:53) Predictions on the future of inflation and the potential impact for business owners

(22:57) Adam’s key takeaways: know your costs, play around with your pricing, and have accurate numbers.