If you believe that inflation is at our doorstep, read this to learn how to prepare. The author of this article is very concerned about possible upcoming government inflationary policiies and the posting provides some of the reasons for his concerns. He feels that inflation is especially rough on small businesses since they don't have some of the tools available for a larger business.
One fo the first recommendations in the article is to keep essential price increases small and frequent as opposed to larger, less frequent price increases. Here are a few more of the tips in the article that especially are applicable for small businesses.
- Continue to keep overhead low
- Watch your margins carefully
- Pay down variable interest loans as soon as possible.
The article provides more detail on these tips and a few more as well The advice on keeping overhead low is something we mentioned last week in Mine Your Own Business in the posting Put Your Business on a Diet.