Our reader poll today asks: How is your organization handling price increases and rising costs?
- We’re accepting those increases — everything costs more these days and we understand 22.56%
- We accept most increases but push back on unreasonable ones 55.64%
- We push back on most increases but accept a few small ones 9.02%
- We push back hard on all increases and accept very few 12.78%
Prices are going up, but people understand (within reason). An inflationary environment is tough on everyone but generally respondents agree that they’re willing to take on reasonable price increases from suppliers. 79% of you said you’re accepting reasonable price increases. For those who are increasing prices, be sure your increases are reasonable and justifiable. If it’s been a long time since you’ve increased prices, be sure to point that out in your discussions. Be wary of getting too aggressive though – it could undermine the goodwill you’ve built with your customer. And don’t forget, when your profits increase due to price increases, be a good leader and pass along some of that benefit to your employees. They see you raising prices. They see profits increasing. Most of them won’t ask for a raise but they will leave your organization if they feel like they’re not being valued.
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These results were originally a SmartPulse poll in SmartBrief on Leadership which tracks feedback from more than 240,000 business leaders. Get smarter on leadership and sign up for the SmartBrief on Leadership e-newsletter.