If you’re not already feeling the pinch yourself, you’re no doubt aware from the news that the cost of living is increasing across the board. From household energy through to groceries, as well as the seemingly exponential rise of fuel costs, the hike in national insurance contributions and the shift in variable-rate mortgages it’s no wonder that people are looking more closely at their outgoings and are managing their costs more carefully.
Outside the household, this is of course impacting businesses and retail too. Freight, materials, packaging and duty costs are all subject to these financial shifts, and it can be tough to prepare for and mitigate the effects of increased prices on your profit margins.
In episode 82 of The Resilient Retail Game Plan, I want to help you engage with the numbers in your business to help you to avoid sleepwalking into having your bottom line eroded by increasing costs.
In this podcast, we’ll look at the difference between your in-margin and your out-margin and talk about the profit parameters you’ll want to aim for depending on your type of business model. We’ll also cover numerous tactics for managing price increases, from ‘shrink-flation’ to bundling together low-margin products, as well as why it’s always important to consider where your customers are at right now.
Use the code: 10podcast to get £10 off your first month when joining The Resilient Retail Club.