If you’re a small business owner and you haven’t reviewed your prices for this new financial year or done a budget or cashflow plan, we urge to put it on your TO DO list – or give us a call at Prime Strategies and we’ll help you get it done.
Anecdotally, as consumers we know that prices keep rising and business owners know the cost of doing business is going up and up – but many are afraid to pass the cost increases on to customers for fear of losing business.
A 1News item (8th April) from Business Correspondent Katie Bradford – shared some findings from a recent MYOB survey of small to medium business. Here’s some things it confirms…
- More than half of businesses surveyed said they will have to increase costs
- About 82% said their overhead costs had increased in the last year
- Majority of businesses experienced cost increases in the past year of an average of $1,500/mth
- Cost increases are occurring across the board: staffing costs, cost of goods, cost of supply, shipping and insurance…the list goes on, not forgetting interest rates too
Prime Strategies’ advisors are talking with their clients every day, helping them navigate these challenges so they can remain productive, competitive, and profitable in business. It’s what we do. If you want help – or just a conversation to see how we can help – get in touch.