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    Either increase your prices or go bust

    People who own or operate small businesses cannot avoid the inflation conversation any longer. Supplies (if you can get them) cost more. Employees (if you can get them) cost more.

    As it relates to current economic conditions, it is now a fool’s errand to think you can put your head down, keep prices steady, and wait for things to return to normal. If you’ve heard the term “transitory inflation,” a fancy way of saying high prices are temporary, there’s now plenty of evidence that higher costs and wages, most likely, are here to stay.

    As someone who manages a small business, it’s important to understand what has changed and how it impacts you. So I’ve wrapped up some of the best articles I can find on the topic that will help you make the best decisions for your business.

    Small business optimism is down

    Labor shortages are worsening

    Inflation likely here to stay

    Haven’t even felt some price increases yet

    Why increase your prices? Americans are spending

    China raising supply costs by double digits

     

    Jonathan McElvy is the president and CEO of The Greensheet, a division of McElvy Partners.

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