How can small business owners offset inflation?

Morning In America

(NewsNation) — Small businesses that survived the pandemic have now found a new challenge with rising inflation, leading them to pass on higher costs to customers or soon be forced to make that decision.

Dr. Lisa Brooks Greaux, a business leadership coach and founder of SYNC Worldwide, addressed viewers’ questions regarding inflation and rebranding during an appearance on “Morning in America.”

Theresa Sardisco, a third-generation owner of two Italian restaurants called Dominick’s Pizza in San Pedro, California, said the past two years have been challenging for her business.

“I can tell you it’s definitely been different. You don’t realize what an impact things can make until your restaurant is shut down, and only for takeout,” Sardisco said.

Inflation has been a concern of hers, as she’s already raised prices for several items on her menu.

Q: How can I get ahead of the rising costs of goods?

Greaux said many things come to mind, including getting creative like finding ways to cut utilities.

“In your instance, because you’re open to the public, what you may want to think about doing is opening an hour later and maybe closing an hour earlier. And I know that’s like, wow, we’re a business, we want to stay open all the time. But what that does is it helps you with your labor costs, first and foremost.”

She continued, “Another thing is taking a look at your inventory. Oftentimes, some businesses carry too much inventory, and then it goes to waste. So I would reevaluate looking at my inventory.”

Greaux said another thing small businesses can do is ask employees what things the company can do to become more efficient or how they can cut costs without cutting quality or service.

“Oftentimes, our employees know best because they’re closest to it, and they really want to help, they really want to stay, and they want the business to stay in business,” she said. “Oftentimes, we overlook the people who are closest to it.”

Q: We’ve been in business for 66 years in one location and 42 in the other. How can I rebrand the business post-pandemic without spending a ton of money?

Greaux recommends bartering.

“Perhaps with a marketing firm, or with an advertising firm, so bartering with them for services,” Greaux said. “What I mean by that is, you need to rebrand maybe, perhaps kick off a new marketing campaign. That’s what they do for a living, and in turn, perhaps you can supply them with pizza or maybe even cater an event for them.”

Watch the full interview with Dr. Lisa Brooks Greaux in the video player at the top of the page.

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