The following blog post is the last in an 8-part series on inflation. To see the previous post, click here. If you would like to download the entire document, please click here.
Raise your prices.*
You are no stranger to balancing the need to generate income with the importance of remaining accessible and affordable to your target audience. In times of high inflation, it may be necessary to consider raising your prices on earned income items in order to keep up with the rising cost of goods and services. Here are some steps to consider when making this decision:
- Review your pricing strategy: Take the time to review your current pricing strategy and consider how it may need to be adjusted to accommodate inflation. This may involve analyzing your costs and projected expenses, as well as the current market rates for similar products or services.
- Communicate with your customers: Let your customers know about any price increases and the reasoning behind them. Be transparent about the impact of inflation on your organization’s budget and how the price increases will help ensure the sustainability of your programs and services.
- Consider offering value-added services: In addition to raising prices, consider offering value-added services or incentives to encourage customers to continue doing business with your organization. This could include offering discounts for bulk purchases or providing additional resources or support to customers.
- Monitor market trends: Stay informed about market trends and shifts in customer demand. This can help you make informed decisions about pricing and ensure that your prices remain competitive and reflective of the value you provide.
Raising prices on earned income items can be a challenging decision, but it may be necessary in order to keep up with inflation and ensure the financial stability of your organization. By carefully reviewing your pricing strategy, communicating with your customers, and offering value-added services, you can position your organization for success in the face of economic challenges.
Click here to receive the downloadable version of this blog series
Click here to read the previous blog in this series
Click here to listen to the accompanying I 501(c) You – The Podcast For NonProfit Board Members episode
*Portions of each blog in this blog series were written with the use of artificial intelligence.