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Joe Marconi

Time to Raise Prices?

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I know that many shop owners, including myself, have been reluctant the past few years to increase labor prices and part margins. We have lived through extraordinary times the past few years with so many of our customers losing jobs, their homes, loss in the 401k and retirement, and other economic difficulties. But while many of us have been sitting on our prices, the world has still moved forward. Our cost of doing business has risen the past few years with increases in insurance, medical, taxes, workers comp, unemployment insurance and many other of our fixed and variable expenses.

 

So, the question becomes, “To raise prices or not to raise prices”. We all know the effects of pricing ourselves out of business, but we also know that maintaining prices can also drive us to close our doors. In the past I have always looked to increase production and sales per customer. But that strategy is not easily implemented in this battered consumer market.

 

I am one of those shop owners that has not raised prices the past few years, but now I am putting together a plan to make price increases. It will be small and incremental, but it must be done. I will also create new programs and promotions to promote more value for the consumer. Value is key these days. People want to walk away from your shop knowing the money they spent was not a mistake but a real value.

 

How are other shops keeping up with rising costs of doing business?

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