Crain’s New York Business: “Tips for tricky task of raising prices”

Many entrepreneurs are concerned about keeping their businesses profitable as inflation threatens to increase overhead expenses.

More small businesses are thinking of changing price structure as inflation threatens.

Bruce Bachenheimer, clinical professor of management and director of the entrepreneurship program at Pace University, advocates that small business owners should first “Do a small-scale test” to determine if and how their company should raise prices.

“A pilot hike will help you gauge customer reactions and mitigate risks, ” said Professor Bachenheimer in an article in Crain’s New York Business. For example, if you have two stores, raise prices on select items or at just one location.

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