Wednesday Wisdom: Charting Our Financial Course

Wednesday Wisdom, Inspiration, Money Matters for Women Entrepreneurs, Female Business Owners

One dollar more. A week later 50 cents more, and so on, and so forth. If you have eyes, it is hard to miss gas prices rising every day. As I drove around Syracuse to other suburbs, I noticed varying pricing on this essential cost with my suburb having some of the highest gas rates. As my tank showed almost empty yesterday, I drove 7 miles to another part of town to get cheaper gas at Cosco which saved me $10 overall.

Newspaper headlines talking about inflation and rising prices everywhere are starting to take their toll on consumers. An article in my newspaper said, “Inflation is playing out differently within businesses that cater to shoppers with varying income levels,” and “The current environment is making it difficult for retailers to pass on higher costs.” So, what is a woman entrepreneur to do to survive yet another potential economic setback after a two-year Covid 19 pandemic?

In my opinion here are a few suggestions:

* Review all of your expenses, knocking out repetitive useless ones that cost money and aren’t absolutely necessary for sales.

* Survey your customers, asking key questions to help you keep their needs in mind when it comes to pricing, offerings, hours, programs, etc.

* Maintain your prices if you can, but if you must raise prices due to supply chain increases, inform your customers so they know increased rates or pricing are out of your hands to some degree.

* Talk to a banker on ways to use credit lines better, obtain better financing deals, or new programs to help you ride another economic wave.

Today’s Wednesday Wisdom is not to worry you, but to rather motivate you to remain prepared for a continued unstable marketplace. We have the power to chart our own course financially if we are aware and prepared. Talking to trusted business advisors, valued clients, loyal vendors, and updating our business plans are ways to be ready for any change.

Not all companies are suffering right now but the predictions of the future economy seem iffy at best so do what you can now to prepare for uncertainties by keeping your customers plus your own needs top of mind.