Given the current economic climate, there's a LOT of chatter out there regarding inflation. Already the costs of most inputs have been on a steady rise... To account for this new cost of doing business, most of us are preparing for price corrections of our own.
However, if you have a close relationship with your customers, you may be wondering what's the best way to roll this out with the least amount of push-back?
That's why Blaine and I decided to break down the exact formula we used to announce major price increases at Seven Sons. Believe it or not, when executed properly, a price increase can actually build trust with your customers, vs deteriorate it. It's all about timing, and communication.
Making significant adjustments to your business due to economic factors out of your control isn't fun. But if you don't adapt, it'll only lead to paper-thin margins and burnout.
That's all for now! Remember to drop us a question in the comments if you have a specific question about today's episode!
Get access to the exact email copy we used for our 2019 lamb pricing update!