Managing Inflation and How to Raise Your Prices

The Small business show episode 360 for Wednesday, December 29, 2021. Greetings folks and welcome to the Small Business show here at BusinessShow Co the show, the place where we are small businessing every single week. Sponsors for this episode include napjitsu.com SBS where you get 30% off your first purchase. We'll talk more about that in detail in a minute. For now here in Durham, New Hampshire.

I'm Dave Hamilton and Lafayette, California, I'm Shannon Jean. How you doing, man?

I'm good. It's crazy this time of year.

Yeah, it is always crazy trying to stuff the last of the business in the last couple weeks and make things happen so we can take a little time off with fans, family and friends.

Exactly.

Terrific.

And I'm trying to figure out, we're recording this about the middle of the month and I'm trying to figure out if I need to do something different for like a 401k with one of my partnerships for this year and if that's the case or maybe maybe not a 401k like a sep kind of thing because we don't have employees with that particular business. It's, you know, so we can do it self employment.

You know, the SEP is impacted. If you have any business that has employees, you got to be careful, right?

Yes.

If you own any portion of another business that has employees, you're kind of limited on the set.

Yeah, it's true.

I didn't, yeah, yeah. I'm doing the same thing. I have, my wife is, is, don't tell her this, but she's my employee.

Right.

I really, I really work for her, however, for the most for one of our companies. She's employee and carries the health care and all that kind of stuff and.

Right.

She, I, I have to fund her account before the end of the year and then mine as the owner of the business, I can fund when you file your taxes, which probably won't be till October.

October, yeah, that's. And that's been my thing. But, but you have to have the account opened before the end of the year. That's sort of the key.

Yeah, I already have it opened. You know, this is my third or fourth year we've done this. But it's an amazing thing. And if you're, if you can have a Solo 401k or a SEP IRA, the advantages are pretty amazing. If you can fund it to the, to the fullest capacity, you can fund.

It to the max. Absolutely. Yeah.

And excuse me, you, you know, I always look at it's like, wow, it' big chunk of money, but it's either pay the IRS or pay yourself and then pay a little bit later.

Right. And. Yeah, pay yourself in the future. That's right.

Yeah, yeah, yeah. So I think it's a great thing. And if you. If you haven't or you have the opportunity to set something like that up, it's really worth talking to your accountant in your financial planner.

It is. Yeah. That's kind of what I've been dealing with. And. And my partners, because as you said, each partner's individual scenario with, you know, where they live and what, you know, what other interests they have and do they have employees there? And this, that and the other thing, like, it all factors in because we have to treat each other equally in this regard. Like, that is one of the mandates, I think, is, you know, everybody has to be contributing the same percentage, and the company or the company has to be contributing the same percentage, you know, for. For that. And it just gets.

Yeah, it's complicated, but if you get it figured out, it can be really beneficial.

Yeah, I'm just trying.

And. And, you know, I haven't been able to do it forever because I've always had employees at one business or another.

But now that I don't.

Yeah, just have contractors, it's like, oh, it's a whole new, you know, opportunity. That's a whole new world.

That's interesting.

It's really.

I wonder. This is a question I'm going to ask my accountant. Don't follow my advice other than to ask your accountant this, but if you had a business that. That had employees, and you put that business. You had that business 100% owned by another business, and you owned that business, but not the one that actually pays employees. Like, how does that work? You know that there's some. Some loophole here, right there.

There are some. Some loopholes, but I'm not sure that's one.

Right. But.

Because they're pretty adamant about that employee thing. But there's definitely companies that specialize in these types of plans, and you definitely want to reach out and.

No, but like, to me, those are the questions, because you're right. I mean, that's a simple question that has probably already been. If that loophole ever existed, it's probably already been plugged, closed. Right. But by asking that question, I lead my accountant down the right path of saying, oh, dude, you can't do that. If you wanted to do that, what you'd have to do. And now suddenly he's giving Me information that I otherwise didn't know how to ask for.

Right, that's a good point. Keep the conversation going.

I'm totally fine floating what appear to be stupid, crazy ideas, especially to my accountant, like, hey, what if we did this? Because sometimes there's a pause on the other end of the phone and the accountant's like, you know, that might work.

Yeah, you never know.

Yeah, right. But, but a lot of times it's yes, yeah, nice try. But, but here's what you'd have to do. And then you can look at it and say, all right, is it worth whatever expense, headache, risk of doing scenario B, that's actually still somewhat feasible versus my simplified scenario A kind of thing.

Yeah. And always remember, your risk profile is probably very different from your accountant. So you get to make that final decision. Ultimately you're going to pay if there's a fee or a fine or something happens.

Hopefully not jail time.

Hopefully not jail, of course. And so, yeah, so you have to listen to your accountant. But ultimately you have to make a decision because you're, you're, you're ultimately responsible and, you know, got to look at, see what, what makes sense for you.

Yeah, well, that's it exactly. I always say it's good. I like having an accountant who is slight, like one or two notches more risk averse than me. I don't want someone that is so far on the other side of that, that they can't even comprehend or aren't comfortable working with someone that says, okay, thank you for explaining these risks to me. I understand. I think this year I'm okay doing it this way versus that way, that kind of thing. Because there are those scenarios where it's like, well, you're on a gray line here. Which side of it do you want to choose to be on? And sometimes I'll choose to be on what I would call the safe side, and sometimes I'll choose to be on what I call the profitable side, you know, and it's like, it's hard to say how it would be interpreted in some of these things. And you have to have. I like to have an accountant. That's okay with me making either decision. You know, within reason. Obviously, if it's. Yeah, that's a crime being committed. Yeah, I'm not interested in that.

Well, at that point, hopefully your accountant would say, hey, Dave, I can't represent you.

I can't represent you. Yeah, exactly. Yeah, yeah, I had an accountant that was actually on the wrong side of that. It wasn't the case throughout Our relationship. But it morphed into this where I feel like I was being encouraged to commit crimes.

Oh, that's not good.

And it was like, okay, I need a new account. Wrong risk profile, wrong. Yeah, I'm on the wrong side of this equation. I need to be the guy dragging us down, not lifting us up. Yeah, yeah, yeah, yeah.

And the thing I'll, you know, last comment I'll make on this solo. 401k or SEP. Iris, it's a little challenging if you try to set one up in the last two weeks of the year because there's a third entity involved in managing and creating this plan. Yes, you can do it, but you really kind of have to push and you're probably going to pay a little more in fees. I think my plan is like 300 bucks a year for me to file the paperwork and do all that kind of stuff.

I have these things set up. So you're right. There is the third part. That's either the financial planner or just the administrator of the plan.

There's another administrative company.

Yeah, correct. But I already have that relationship. And, and they know. They're all like, I've already been in touch with them too, but this relationship has existed for many years. So they know I'm a little crazy. They know I do things last minute and they're totally fine with it. So it's. And they're aware that, you know, the phone call might be coming, that it's like, hey, time to go do something. Yeah. And they already sort of know, like, we've talked it all through. It's just, can I get approval from all of the entities involved to say yes to this thing that we're doing? It's not even like we have to pick what it's going to be. It's. It's all sort of in place. It's just, can we flip the switch or not? Is really what we're waiting to decide. Yeah, it's good. It's good, it's good.

That's good. So, hey, you know, we.

We don't tell me what we're going to talk about today. Yeah, no, no.

We don't talk about the news very much on this show, but I did just see this morning that the producer price index rose to 9.6% year over year, which is the largest increase in history. Which, of course, what that means is inflation is rampant. And we talked about inflation and managing it in your business and prices a little bit back in October in episode 351 that you might want to go listen to. But I think that it would behoove us to talk about it a little more today.

I don't disagree at all. There's two things I want to do. I want to talk about that because I think there's a lot to dissect here and a lot to learn for me and hopefully for people that are listening. The other thing that I want to do, and I'd love to do it right now if that works for you. Shannon, is talk about our sponsor for this episode.

Yeah, let's do it.

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Yeah, definitely. Well, maybe you have to analyze your business and that's what we're going to talk about today.

Fair.

You know, and maybe one of the first questions you have to ask yourself is do you need to raise your prices? You know, what are your, what's your profit margin? And can you absorb this two ways. One, if your competitors are not raising their prices, or, you know, maybe you're gonna have to sit tight for a while and see what happens in your market. Or two, if your competitors are raising your prices, maybe it gives you a competitive advantage because you're so darn efficient after listening to the Small Business show for so many years that you've learned all these tricks to, you know, keep your expenses down and all that kind of stuff.

Well, that, that's the key is if you can systemat and get yourself to a point where you've increased your margins. Well, if other things are decreasing your margins, maybe you still stay ahead of the game.

Yeah, you could. And looking at costs, I think that's a great place to start. And ask yourself, are there other costs we could cut right now to help keep us from having to raise our prices? If your supply chain issues and your raw materials cost or your product costs are up 5% or whatever, is there someplace else? Don't just look to the products. Look at your entire organization and then ask yourself, we've talked about this a lot. How good is your data? Just because you're reading about what's going on with inflation and this and hearing us talk about it, is it impacting your business yet? Really look at your purchasing and like I said, your raw material cost, and are you capturing the right data? You know, garbage in, garbage out. You need to make sure you've got those systems in place. Your accounting package we've been talking a lot about lately, and be able to track what's going on before you can even make a decision. You know, what are your shipping costs? I mean, shipping costs are through the roof, especially if you're shipping from Asia. The cost of containers is, you know, it used to be 3, $4,000, and now it can be upwards of $20,000 for, you know, some of the shipping costs and just even small items. Every FedEx, UPS, USPS, all shipping costs are up. So maybe you can offer free shipping, but you can offer, you know, some kind of discounted shipping. So ask yourself, you know, look inward first right before you.

That's a, that's a great way of saying it. Look inward because there's so much hype out there and it's. And it's fueled by truth, right? Like, sure, prices are going up. Like you said, shipping prices are going up. But just because two guys on a podcast both say that shipping prices are going up doesn't mean that your shipping prices are going up. Correct. It doesn't tell you how much your shipping prices are going up. Right. You need to look inward to figure out, okay, there are these macro trends and, and even some less macro. I'm not going to call them micro trends, but you know, there's, there's these things that are affecting different people and different businesses in different ways. And okay, like, but how are they actually affecting you? And you know, don't buy into the hype.

Yeah, that's right. That's right. You know, you really have to look inward and see, okay, and what's, what's going on with your customer base. I mean, when I went through this kind of thing before, as shipping prices just kept going up, up, up, up, up, and I just decided, you know what, I'm over it. I'm not going to do this free shipping thing anymore. And, and we, I would be glad to lower my, my sale price to help compensate or offset shipping. But with shipping just continually going up, I'm not going to get stuck constantly having to offer that free shipping and absorbing all those expenses. And it's worked out great. You know, I control the sale price, but the shipping cost for me in my particular vertical market.

Yeah.

Is, is separate and the customer can make a decision. They can go the slow route and it's inexpensive or they can pay more. But you know, so, yeah, it's really good to look inside and then also idea of, do you have to raise your price?

You, you cut out for a second there and I think you didn't just cut out for me. I think it cut out for everybody. So you asked some question about do you have to raise your prices? Is that what.

Yeah. Ask yourself then before you get to that point. We're not there yet. I think there's some other things you can do. And one of the first things you can do is to increase the perceived value of your product or service. And what I mean by that, are there things that you can add and bundle together? So even though you, you're going to increase the price, you've added something that adds value to where the customer's perception is not going to be like, well, they raised the price and they didn't give me anything. You know, can you add a longer warranty? Can you give them more support? You know, can you gift wrap? Can you personalize things? Bundling thing is a great way to take the focus off of a single item price that you may have to adjust and need some flexibility with.

Makes sense. Yeah.

Yeah. And then I think is, can, can you change your product and offer it at A premium. You see brands doing this all the time where, oh, you know, this product is made out of a little nicer fabric and you know, this color is a little different and this kind of stuff. Can you offer different levels of pricing? And you know, to get that customer in the door, it's like, okay, here's this basic thing, but if I really go up, you know, want to go here, I'm going to pay a little bit, you know, more in different options. Like a great example is you, you have a customer looking for a pair. If you're in the shoe business, sure. You look for a pair of shoes. Well, my shoe size is probably maybe the most popular shoe size. And I'm looking and I go, great. Oh, these are only, you know, 75 bucks, but that's for like a size 7. Well, when I go to size 10, it bumps up 10 bucks.

Or really? So my, my size 13ft cost more? Of course they do. There's more raw materials involved.

That, yes, you would think that. But maybe based on popularity as well, maybe 13 is a good deal. Maybe you start at 13 because it's, you know, there's not that many freaks out there. Like you have a size 13 shoe.

None taken, by the way.

Yes, yes, of course, of course. But, you know, so can you adjust, you know, things like that? And what you're also doing is, is when you always have that low priced option, you're anchoring the customer's expectation. Right. They're going to see that lower price first. Oh, it's 50 bucks. But to get what they really want, they're gonna have to do a little upgrade.

Right.

It's like when you, you go to the movies and you buy the popcorn and you know, the small is, I don't know, five bucks. And they say, well, do you want the medium? It's only $5.75. And you know, the large is only $6.50. So here you're.

And you get free refills with the large as though you're gonna eat more than a full bucket of large popcorn.

Yeah, Whoever came up to that one is brilliant.

Brilliant.

Yeah. So you're meeting the expert expectation that the price is the same or lower.

Right.

And is met, but just for a little bit more. They get what they want. And that could help you because your cost may not be any more at all on that other option. And you know, I would argue the cost of that added little scoop of popcorn is nothing. The nominal, you know, the nominal cost. So ask yourself that.

I like that. I like that idea, that meat price. You don't want to bait and switch people, right?

No, no, no, of course not.

Meet price expectations, but. But then offer them options. Yeah, a value add. An apparent value add. Let's call it that. Like, you know, like we were saying, you know, the. The free refills on the popcorn, if it costs. If it costs anything in raw materials, it's. It's negligible, I would think that's right. You know, unless. Unless you have the entire theater of people in working together and they buy one popcorn and then just keep sending it around. Now, I think with COVID that's probably not going to happen anyway, but. But, you know, you could work the system that way. That might work out, but otherwise you have very little downside risk with that as a movie theater owner.

Yeah, you got it. Yeah. And so there's all kinds. I mean, go search Amazon to buy, like, let's say you want an SLR camera, you know, a big camera with the removal lenses and everything. It's almost impossible just to buy the camera because there's a million different bundles. There's, you know, lighting and stands and tripods and covers and lenses, and they do that for a reason. So. Well, two things. One, it makes it hard to compare other vendors selling that same product. And two, the profit margin on the camera is very slim, but the profit margin on everything else is very high. So instead of just driving the price down and trying to sell this, everybody sells this commodity camera for 1000 bucks. Well, for 1299, you get all these extra little items, and all of the profit may be in those little extra items. The camera is just the teaser that nobody makes any money on.

So it's. I mean, it's why I have to buy a bundle if I'm ever buying an Xbox. If you've ever done that same kind of thing.

Same thing, yeah. You know who makes all the money on the Xbox? Sony, you know, or whoever makes it. Microsoft.

I think it's Microsoft.

Right. But yeah, yeah, they make that.

Oh, yeah, it's a huge margin on. For them.

For them. They invented it. Right. So they get it.

Right? Well, they did the R D. Yeah, they did all the R and D.

So, yeah, so they get it. So think about that bundling and how we could, you know, how you can adjust it and change it and get away from just having that if you're in the product business, how to get that out of there. And the same with. If you're in the service business, if you're going out to Do H Vac work? Well, maybe your price has to go up a little bit, but you include a free cleaning or we'll change your filter at the same time we're there when we're doing a repair. You know, I don't know. I don't know that business at all. But there's some things you can add. Number one, it does make it a little harder to compare with the average Joe selling something else, you know, commodity type items. So you want to do that value add. It can work out great.

Yeah, it makes sense. Yeah.

Yeah. So a few more things if you. Here's the. If you must raise your prices. I think the first thing is you have to be transparent about it. Everybody knows what's going on. People see it. You go to buy meat in the store and it's like, holy smokes, you know, you buy gas at your.

Yeah.

Fill up your car. It's ridiculous.

Yeah. We started paying California prices for gas. We had to pay 4 bucks a gallon the other day. Here.

Yeah, yeah, yeah. It's usually it's up around 5 here, just about everywhere, but. Yeah, that's crazy.

Oh, man.

Yeah. So everybody knows. They all have an idea. So talk about it. Talk about it, post it, talk about pricing on your website, on your blog. Your salespeople should maybe, hey, you know, we're. We're getting ready. Things are getting a little more expensive. Maybe you have to. You have repeat customers. Maybe there's got to be a note inside the. Your packaging about how we're, we're working really hard to keep prices down. But we do expect some, you know, this coming. You want to, you know, lead them down, manage their expectations so when they start to see prices increase, they know you know what's going on. And don't apologize. It's not your fault. It's just the way things are. Just be open about the situation and your customers will respect you for it and they'll be ready and so will your employees. They'll know how to talk about it more. Right. You have to say, hey, you know, we're talking about inflation. Things are going up. Costs of this and, you know, that's interesting.

I want to pick at that a little bit that don't apologize. I think I would. I would. Naturally, you've been in the products business way more than me, so I'm eager to hear your thoughts on this. But I would have. The way I would have presented it to a customer is, you know, I'm sorry that we're all in a position that we have to do this, but it definitely would have included an I'm sorry somewhere in there. Not that it's our fault, which is, you know, but it's to soften the blow. I'm sorry that, you know, we're in a position where, as I'm sure you know, prices are going up, and we're not immune to that kind of thing.

Yeah. So my take on it is when you apologize, you're taking responsibility. And so what I would phrase it as is, you know, it's unfortunate that we are all in this together. You know, I went to the store and tried to buy a rib eye, and it was 30 bucks, you know, or whatever. Use some anecdotal, you know, examples of it. Like we just did, talking about meat, talking about gas. It's like, yeah, wow. You know, I went to fill my car up and it was five bucks a gallon. And then you get. You're on the same side of the table with that customer.

I know.

It's ridiculous.

No, that's brilliant. That's why I wanted to pick at this a little bit, because that saying it's unfortunate.

It's unfortunate.

Communicates the same fault. Yeah. That's really what I'm trying to say with I'm sorry is it's unfortunate acknowledging that this is just a thing and we're all in this together.

Key thing. Just like just what you said. You're acknowledging it, and you're trying to have empathy.

Yes.

With. With your buyer, your customer that has to spend more money for you. And your. You want the. That empathy, and that connection you have is. Should keep your buyer buying, coming back, you know.

Well, that's the reason to do it. That's right. I mean. Yeah. Yeah, for sure.

And I would argue here. Good time to bring this up. If your customers are, you know, you may have some customers that leave, but you know what? If your customers or those customers are focused solely on price, I would argue they're not your primary customer. And you should go back and listen to episode 347 from September 29th, where we talked all about how to identify your primary customer. And, you know, I really would encourage you to focus on getting away from those customers that are only focused on price. They're not going to help build your business. They're just going to grind you up.

Yeah, yeah, yeah, yeah. For sure.

A few more. Yeah, a few more things. You know, I'm not a big fan of this, but this happens all the time. Adjusting quantity and sizing, you know, can you. Can you offer a little Bit less. Can you, you know, a little smaller size or less of quantity. You know, that's an option. And one thing that's I think really important to do is offer less discounts and coupons. Right. If your business is discount and coupon driven, which so many E commerce companies are, and that's a whole nother we can, whether that's a good idea or not, you know, and maybe you, you offer a 25% discount on black or Black Friday or Cyber Monday or whatever. Maybe you can't do that this year. Maybe it's 15 or 20%. You still get that, you know, bump like oh yeah, they're gonna give me this, this off. But you know, just, just decrease them a little bit and, and then maybe you give a higher discount if they bundle or you know, get over a certain dollar amount so you can start, start thinking about increasing your average order size. When I first started this handbag experiment to see if I could do it, I was selling $100 handbags and now I sell thousand and $2,000 handbags and it's the same amount of work, but I make way more money. But I didn't know how to sell a thousand dollar or two thousand dollar handbag back then. But as you work your way through and you learn and hear, maybe you can tweak your systems over time to get to that customer that wants to spend more money with you. Instead of just buying the $25 item, they get them to spend 100 bucks. Yeah, right. Yeah, for sure. So a lot of places out here in California are adding fees to their orders. I'm not a fan of that either, but it is happening.

Like what kind of a fee are you seeing? What do they call, what do they name it?

Yeah, well, like in San Francisco, if you go to a restaurant, there's a, they call it like a, some sort of basic living expense or some kind of.

Okay, so they're pretty, pretty transparent about what this is. Yeah, yeah.

And they add like a certain thing. And in some restaurants I've noticed that when they hand you the credit card machine to pay and you, you go to do the tip that the default I've been seeing more and more is 25%.

Yes.

The default tip amount.

Yes.

And I was like, oh wait, I used to tip. I mean, I thought I was a decent tipper at 20%, you know, so you have to go out of your way to go other 20% and do it. So there's lots of tricks they're doing to, you know, that's those are just a couple of restaurants examples.

Yeah.

You know, and a few more couple items. If you're going to increase, you might consider increasing the prices in stages as you talk about it to your customers. And transparency. Hey, we know we went up here a little bit. We're going to try to keep it down, but we may be going up a little bit more. Or maybe you only increase pricing for new customers. Right. Can you reward your existing. If you have a business that you have lots of repeat customers?

No. That's a great way to do it. I like that idea of like, okay, well. And, and the nice part is you can get some credit for that from your existing customers. Right. You can let them know, hey, just in case you see this out there, you know, we have raised our prices, you know, but you're still, you know, 20% under where we are and we're going to keep you there for at least a year or whatever, whatever it is, whatever period of time you can afford. But committing to that really like that, then they say, oh, okay. And they, you know, if you're in a, you know, like us with, with ads, we do this all the time. It's like, oh, y. The price has gone up, but you've been here for a year.

That's cool.

We'll keep your rate for, you know, we're able to keep your rate for 2022. We're happy to tell you we're able to keep your rate for 2022. But you know that, that opens the door for okay, well, 2023 or if you don't renew into 2022 and then, you know, July comes around and you say, hey, I want back on board. Well, okay, our, our 2022 rates are X. Well, what happened to my old rates? Well, you, you abandoned that deal that, that's no longer on the table is. You find a nice way of saying it. But, but you know, they'll ask because they should ask. You would ask too.

Yeah, of course. Of course. Yeah. So lots of, you know, ways to, to, to do this. The, the last thing I would say is kind of ties into this kind of don't panic, don't make fear based decisions that we always talk about. And having good data is don't just rush out and do across the board price increases for everything you sell because I guarantee you everything isn't just going up. You need to find out where you're being impacted, what materials, which products and maybe you don't want to raise the prices on the products you have that don't sell. Very much anyway. Right. Because maybe you have those in stock and you paid the old price. Oh well, don't adjust that or this size or that item. But boy, these things move quick and man, the cost has gone up or shipping has gone up. So these we have to adjust. So you need to look at it and analyze it and make decisions about what's going to have the most impact. I think you'll find better results that way.

Yeah, I agree. I think it's great, you know that it was 2015 that we interviewed Brian Frist, October of 2015 and he said don't make fear based decisions.

Oh, that guy. Lunch again.

I'll say, man, I like, I was just looking it up to put it in the show notes. It's like seriously like that.

Yeah, he definitely wins the show notes award because we always mention that.

Always, always. It's almost like soon we will stop crediting him with it. We will, we will adopt it and make it our own.

We need to have him back on the show. I would love to see that next year. Yeah, I know his business has changed a lot like all of ours have done.

Sure.

You know, to survive and thrive. So. But yeah, and if you have, you know, ways that you've managed dealing with inflation or other tricks and tips you know, you'd like to share with us. So we could share it with everybody else. Feedbackus show co. Or you can share it with the small business group that we have up on Facebook, BusinessShow Co Facebook. We would absolutely love to hear from you.

Absolutely. We love to hear from you.

And should we say Happy New Year because this is going to be out on the.

This is it. Yeah. Happy New Year, everybody. Yeah. Keep living that charmed life. Happy New Year, Shannon.

Happy New Year, Dave.