Turning A One-Page Document Into A 7-Figure Business

Name: Turning A One-Page Document Into A 7-Figure Business
Uploaded: 2023-09-06T09:02:07+00:00
Duration: 51 s
Channel: Tim Frey
Description: Tim Frey (speaker) explains that inflation reduces the purchasing power of money and that businesses should raise prices to avoid taking home less profit…

6 Sept 2023 · 1 min

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Tim Frey (speaker) explains that inflation reduces the purchasing power of money and that businesses should raise prices to avoid taking home less profit year-over-year. He cites a government-reported inflation figure of "somewhere between 5 and 8%" and recommends a January price increase in line with governmental inflation, while noting the government's figure may understate true inflation.

Questions this video answers

"Somewhere between 5 and 8%" (government-reported figure, per speaker).

Make a price increase in January in line with the governmental inflation figure.

Chapters

The power of your dollar gets less every year due to inflation because there's more currency in the world. The government will report a inflationary figure every year. I think at the moment it's somewhere between 5 and 8% they're saying. So that means your profit or your revenue that you're charging should increase by 5 to 8% otherwise you're actually taking home less money each year. And that sometimes when you say that to business owners it's a bit of a hard pill to swallow because it's the truth of it. So there needs to be a high profit margin inbuilt into what you do anyway and then you've got other things to consider on top of that. So general rule of thumb, January price increase in line with the governmental inflation or what they claim is inflation. The true figure is actually probably a lot higher than 5 to 8%. But that's just what the government is recording and what they're tracking and the metrics they're using.