If the past few years have taught us anything it is that nothing stays the same forever. The COVID pandemic has shaken most businesses to the core. It has been followed in short order by increased global political and economic stresses and regulatory and policy settings domestically which have significantly impacted on input costs. In that context, ‘something has got to give.

Everywhere we turn, it seems price increases are the norm right now. Turn on the news and almost certainly there will be a story about the cost of living and how it is affecting our communities. Blame is laid on external factors (the war in Ukraine, and COVID being the current favourites) and on internal, domestic policy settings depending on who you listen to.

What is certain, however, is that for business owners the past several months has created what some are referring to as the ‘perfect storm’ – rising input costs, significant labour and raw materials shortages and a sense that the coming 18-24 months may not see things get much better.  If anything, sentiment has tended to be lower than for a considerable time.

Now is NOT the time to ‘hibernate’ and pretend you can bury your head in the sand. As with all challenging times, the flipside of the coin will be opportunities for those who are prepared.

How you communicate the news is just as important as the increase itself.

You’ve got this!

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