Compensating for inflation?

How are you, your business or organization handling inflation? Do you see a change in habits or halts on projects? Changes in your prices? Have any tips or suggestions to keep up with inflation?

  • Not too many changes on upcoming projects, but we have had to raise our prices on almost all products

  • Raising our prices as little as we can and still breaking even.

  • The same way that Lenovo does.

    You charge more for less.

    And we pay more, for less.

    And so it goes... :-)

    Mayonnaise, 32 oz. size - no more. Now all you get is 30 oz. (except for Duke's) - all for an even higher price.

    Every item you purchase anymore is a smaller size then it was before.

    "Extra Large" pizza.  We used to call that pizza for one.

    Verizon wireless "surcharges". Is that "inflation" or simply gouging?

    In days of old, think before the first "gas crisis", many companies that relied on "gas" related products, think asphalt, were under fixed price contracts.

    So when gas prices skyrocketed... that was the end of many of them. (They simply could no longer perform at the prices they were bound to).

  • We have bene raising our prices ever since the Beginning of COVID.  We have also been giving raises to all of our employees and hiring at a higher rate to keep up with the market.

  • New math, Math

    Seems the board here adds a period to the end... oh, I know what I can do...

  • As a non-profit, we rely mostly on donations. The goal is the same as ever--make the most with the resources people entrust to us.

  • I am considering increasing my rate, will see how this works with my negotiations for the 2023 contract ... fingers crossed...

  • In the education business, global customers are willing to pay more and more for a great teacher. In my opinion, as the cost of living continues to rise, more and more businesses are feeling the squeeze of inflation. While there are various ways to cope with increasing costs, many companies are finding that they need to make changes to stay afloat. One typical response is to raise prices, although this can often lead to decreased demand and lower profits. Another option is to adjust budgets and cut costs wherever possible. This can be tricky, as it may mean cutting back on important projects or services. However, with careful planning and a willingness to adapt, weathering the storm of inflation is possible.

  • With my non-profit, finding creative ways to make money go further is an everyday affair.  Re-negotiating with vendors, requesting additional NPO discounts, saving money on internal expenditures, etc.  Every penny makes a difference.  

    One small change was to request our traveling support members to not buy sodas with meals.  Seems small, but saved hundreds of $$ in just a few months.  It's creative time, and the market will not let up anytime soon.

  • All of these cost increases eventually trickle down to the consumer. Our costs are higher, so unfortunately the end consumer's costs are higher.