Tips and Tools for Small Business Leaders
September 2022
The Inspire Results newsletter is published monthly
Advice from Our Business Coaches During Inflation

As a business owner, what should you be doing during inflation? Here's the advice from the Inspire Results Business Coaches during this trying time.

Don’t bury your head in the sand. Instead of pretending business as usual, identify the problems that inflation is causing in your business then step up to the plate, be accountable for the challenges you and your team face. If you don’t act with purpose, with accountability, then you become a victim of the market trends and specific challenges faced by your business.

As a victim, you’ll experience the full brunt of the negatives coming your way. Being accountable causes you to see the situation for what it is, own the circumstances, identify concrete actions that will mitigate the negative impact and then to aggressively execute those actions to keep your business, your employees and your customers as healthy as possible. (Reference “See, Own, Solve, Do” from the book Crucial Accountability)

Read our full blogpost here for more advice including get back to basics and do it well.

More Actionable Inflation-Handling Steps You Can Take
Raise your prices! This is an opportunity and a risk. Its an opportunity because people expect prices to rise during an inflationary period so you’ll probably get little pushback. Most small business owners seldom raise their prices and seldom check their margins and they can be unaware that added costs can take a business into a negative profit situation where every sale causes them to lose money.

Be open with employees. The benefit of doing so now is to open a dialog around the real challenges faced by both the employee and the business during these times. Inflation puts pressure on profitability for the firm while families are feeling the pinch of higher prices and want higher wages to cope. Being open about these challenges enables a coordinated approach that can be good for both parties and enhance trust in a deeply important relationship.

Will inflation stay around? We think it will hang around for some time due to excessive government spending, an economy still recovering from COVID induced shortages, and the corresponding higher prices. But don’t pull back! We’ve increased our fees commensurate with the value we’re producing for our clients and the growth and experience of our coaches. We’re raising the wages of hourly team members based on their growth, experience and impact. We’re testing our marketing expenditures and ensuring that marketing is paying for itself.

Keep your employees doing the basics well and celebrate even the small wins along the way. Nothing stays the same.

Upcoming Events
Growth Plan Workshop

September 29th, 2022    
Holiday Inn Indianapolis Airport
8555 Stansted Rd, Indianapolis, In 46241

9 am - 3 pm

Discover the potential in your business by completing your Single Sheet Business Plan.  Then break it into quarterly, monthly, weekly & daily goals and get a line-of-sight from your daily tasks to your 10-30 year purpose.  Step out of the day-to-day business for just 1 day, get organized, complete a prescribed planning process, and walk away with an action plan that leads to greater profits and free time back.

For owners & leaders of small to medium sized businesses. Bring your 2nd-in-command or your whole leadership team!

*Registration Required
Sales Growth Plan Workshop

November 10th, 2022    
Location TBD
Also offered virtually

9 am - 3 pm

Discuss your toughest sales problems & walk away with a complete & detailed
sales growth plan...

  • Set realistic sales goals
  • Make simple changes to improve your bottom line
  • Create accountability and more

Led by Inspire Results Business Coach and Sales Expert, Natalie Menke

*Registration Required
"Incredible things in the business world are never made by a single person, but by a team." Steve Jobs, Co-founder, Chairman & CEO of Apple
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