Prices Likely to Increase in 2012
What will you be charging customers in the new year? If you’re like many small businesses you will increase prices in 2012.
More businesses plan to raise prices in 2012 than have in years and very few are cutting prices. PNC Financial Services recently polled small to medium sized firms and found more than one-fourth of respondents will be increasing prices. According to the survey 35% of small businesses will be charging customers more in 2012. Meanwhile only 7% of small businesses plan on cutting prices. The top reason for the price hike is increased costs cutting profits.
Will your customers be paying more this year? If you plan on keeping current prices, or even lowering prices, you may attract new customers who will not pay the higher prices charged by competitors. If you do plan on raising prices in 2012 what are your reasons for doing so?