Where Inflation Meets Business

The world is yet again being squeezed. Now, it’s inflation and the increase of prices everywhere you turn. Today I’m talking about where inflation meets business, why it matters, and Propel’s stance on the situation. Because history is only repeating itself and this isn’t permanent…

Surely we’re in for an interesting summer. Gas prices are at a record high and grocery stores and consumers can barely keep up with daily price hikes. I foresee the staycation trend extending, but a little closer to home this year.

While the pandemic encouraged people and families to caravan across the country to experience national parks and treasures here at home, this year we may see more focus on home gardens and home improvements again.

Yes, this is affecting everyone. Small businesses with overhead are feeling the crunch of creeping expenses. And at some point they are likely deciding whether they need to increase their own prices to cover the cost of doing business.

As an example, a service provider I work with increased their prices by 25% at the end of November. After 7 years doing the same work for me each month, they decided it was time to make a change and charge more. Citing inflation (and that wasn’t even what we’re experiencing now) their 25% rate hike was definitely surprising, but guess what? I get it… and I am willing to pay it. After 7 years providing Propel excellent service, thoroughly knowing our business, and remaining consistent in their work, I am not only unwilling to find another service provider to do what they have been doing, I want to support them so they can remain in business and continue doing what they are good at.

At Propel, we carefully consider our pricing each year at planning time. Taking all things into account we are proud to say we haven’t increased our rates in over 5 years. Our team is a lean, mean machine here to support the solopreneur and small business owner and we stay that way by being nimble and wise.

When I launched Propel in April of 2009 it was during the last economic crash and with a mission to lift small businesses up, I stepped out to make a difference! Some thought it was crazy to start a business during that time, but I didn’t see another way. Small businesses were struggling. They needed help and I knew I could come alongside them.

Thirteen years later I can say we are still on that mission and dedicated to it even more!

As a service-based business we have found our affordable sweet spot. Because we don’t hold office space, have employees, or have extraordinary overhead we aren’t raising our prices because of the threat of inflation. We won’t pass on our personal expenses to the loyal clients we love serving.

Instead, our team is committed to flexing and streamlining even more – so that we all win. We are each efficient in our work and in our personal lives which is what we will always pass on to you. Along with the exceptional service we strive to provide we are in agreement that we are all in this together and we are positive that this too shall pass.

Keep hanging on you business owners, solopreneurs, and bosses! Fix your minds, steady your ships, and hold tight. Weathering the storm is what makes us stronger and more resilient!