THRIVE, a Paychex Business Podcast

5 Tips to Help Your Business Counter Inflation

December 16, 2021

Businesses could be dealing with inflation due to rising prices and supply chain issues for the next year or more, so it’s important to have a strategy. This episode of On the Mark offers five tactics businesses can consider that might help navigate any potential challenges. Host Gene Marks, a CPA and small-business owner, shares what he has discussed with his clients, including raising prices and using targeted communication through a customer relationship management system to accomplish this. He also suggests practicing shrink-flation by delivering less product while holding prices steady. Consider getting into long-term contracts to reduce risk, as well as buying as much inventory now and finally investing in technology to improve efficiencies.

DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.