You have to find ways to fight this inflationary environment. Here are some tips on how you can recoup the inflationary costs you’re incurring and set yourself up for the future when your company can FEAST.
Increase Fees for Vehicles
If you have vehicles, you need to add in a fee to cover your vehicle cost. You have to get that money back. A couple years ago, gas expenses for us were a third of what they are today.
Increase Labor Charges
It’s costing more to keep the employees you have. People were being paid to stay home during the pandemic and now we’re paying guys up to 30% more than before.
Add Fixed Fees
If you do consulting, design services, etc. If you did anything for free today, you might need to do it for a fee now. If you don’t have any competitors offering free estimates, you might be able to get away with charging a small fee to confirm the appointment.
Cut Back on Anything that Can Be Eliminated
Look at everything! I look at our dumpster, uniform rentals, company vehicle loans to employees. I had employees using our gas cards to pay for their gas to GET to work, which is not the company’s responsibility to pay for.
Never Give It Back
When things change and it gets better, never give it back. Then you feast!