By Heartland Payment Systems
It’s no secret that costs are up for restaurants and retail shops. Supply chain disruptions, labor shortages, demand upsurges and inflation are some of the factors that have contributed to higher prices — and you may need to adjust yours in response.
A rise in cost of goods sold (COGS) is a common reason for raising prices, but price increases can be a strategic move to protect margins and drive growth, too.
Price hikes aren’t unusual when inflation hits — but you may still get pushback from some patrons. As consumers face higher costs everywhere from the pump to the produce section, small business owners have to figure out how to keep price-sensitive shoppers satisfied.
If you’re struggling to keep up with the cost of doing business, read on to see if a new pricing strategy could be a smart move for your business. Plus get tips for doing so while keeping your customer base engaged. Read the full article here