How to keep the cost of doing business down amid inflation – Rolling Stone

With the costs of goods on the rise, many business owners fear losing profits by maintaining their current prices or losing customers by raising prices to offset inflated purchasing costs.

Although inflation continues to affect the day-to-day operations of many businesses in this way, there are several ways business owners can save money. Below, 10 members of the Rolling Stone Culture Council share their top tips for managing your budget and cutting costs in the face of inflation.

Place larger orders when prices are low

We try to keep an eye on fluctuating prices and order larger amounts of stock when prices seem low. Sometimes that means we have higher than normal expenses for the month, but when we average them over the long haul we can show how we’ve saved money over the long term. – Aili McGill, Nickel Plate Arts

Save on unnecessary expenses

Business owners can reduce unnecessary expenses like travel and instead rely on digital meeting tools like we did at the beginning of the Covid-19 pandemic. Additionally, cleaning the house for subscriptions you don’t need and calling the providers to ask for a discount when things get tight can really help. – Nicole Rodrigues, NRPR group

Raise your prices

Don’t be afraid to raise your prices. If inflation costs you more to run your business, feel free to pass those costs on. Your customers will understand, and if not, how great was this relationship? If you accept credit cards as payment, ask your customers to pay with a bank account instead. It saves your business and customers from credit card fees. – Michelle De Long, Mimi Productions

Shorten the supply chain

Much of the inflationary pressure comes from secured supply chain and logistics costs. Shortening the supply chain wherever possible can help alleviate inflationary pressures while deepening the relationship with a local economy. – Erik Oberholtzer, Cohere

Leave money in business

One way to keep costs down is to stop draining money from your business for as long as possible. If you can afford it, leaving most of your money in business for an inflated amount of time can keep your business afloat. The sacrifice will pay off in full later. – Christian Anderson (Trust’N), Lost Boy Entertainment LLC

The Rolling Stone Culture Council is an invitation-only community for influencers, innovators and creators. Am I Qualified?

Take baby steps on growth initiatives

It’s important to maintain a growth mindset even if you don’t have all the resources you need. With every decision, remember that cash is precious. Beware of expensive and long-term commitments. Instead, consider taking smaller steps in growth initiatives to test and learn. It prepares you to scale quickly as resources become available. – Michael Klein, Sunset Amusements

Implement digital printing technologies

With inflation on the rise, it is important for business owners to keep their costs down and maintain a competitive edge. One way to achieve this is to implement digital printing technologies in printing processes. Digital printing allows companies to print customized items at a lower price and without high material costs. — Kristin Marquet, Marquet Media, LLC

Make your business greener

An owner should analyze the bottom of his business and really look at the costs of doing business. We’ve saved 12 percent annually by going green. We’ve used less paper and reduced our printer usage, reduced lighting, got rid of unresponsive marketing and leveraged our suppliers’ auto-ship technology. – David Colonna, The Maven and the Muse

Reach out to your community

Work side-by-side with vendors, service providers, employees and collaborators with a sense of radical transparency. Ask this question to the masses for collective solutions and you will be amazed at how helpful and innovative your business community is in the face of financial adversity. While some may see this practice as a sign of weakness, it is really a method of resilience and strength. – Evan Nison, Nison Co

Use technology to your advantage

There are many great software programs and online tools that can save you time and money. Do your research and find the ones that work best for your business. There are many inexpensive ways to automate tasks and processes, which can free up time and resources. Remember, saving time also means saving money. – Candice Georgiadis, Digital Day


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