How your Business can Increase Profit Margins During Inflation
As business owners, we’re not just facing inflation at home. It’s not just impacting our checkbooks, but our daily business operations too. As we question how we can deal with inflation, we must also consider how we can increase our profits during these times.
In this episode, I discuss inflation and how your business can maintain or increase profit margins during inflationary times. I outline some actions to take to mitigate the effects of inflation on your business. I share some inflationary trends and insights from the Harvard Business Review and describe how one company broke down silos and saved $300 million on annual expenses by appointing and empowering a spending czar. I also discuss how technology and automation can help save money and make processes more efficient and underscore the importance of remaining vigilant during inflation.
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Annual inflation rates in 2022
How inflation changes the nature of business
The pros and cons of adjusting the pricing of your products or services
The ‘five by five principle’ and controlling your spending during inflationary times
Differentiating strategic and non-strategic expenses
The power of accurate accounting and inventory controls
Using the efficiency of technology
Prioritizing high-profit margin products during inflation
The economic cycle
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Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. Multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
Investment advisory services offered by WealthSource® Partners, LLC (“WealthSource”). Nothing herein constitutes an offer or solicitation to buy or sell any security; this video is distributed for informational purposes only. Furthermore, nothing herein should be considered as investment, tax or legal advice and/or used to make any investment decisions. You should consult with a professional adviser to see how the information contained herein may apply to your individual circumstances. All investing involves risk of loss and nothing herein should be construed as a guarantee of any specific outcome or profit. Past performance is not indicative of future results. All market indices discussed are unmanaged, do not incur management fees, and cannot be invested in directly. The statements and opinions expressed are those of Justin Goodbread and do not necessarily represent the views and/or opinions of WealthSource. All statements and opinions are current only as of this video’s original publication date and are subject to change without notice. WealthSource has no obligation to provide revised statements and/or opinions in the event of changed circumstances.
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The Exit Planning Institute’s Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.