Latest CPI statistics released
The ABS released the June 2015 CPI statistics last week showing a headline increase of 1.5% last financial year. ABS – June key figures
If you have not increased your prices in the last twelve months, you have effectively discounted your prices by a minimum of 1.5%.
Review your pricing
We recommend that you review the CPI movement for your industry and look at increasing your prices to at least keep pace with the CPI. Whilst increasing prices can be daunting, it has to be done periodically. Read the following article for some useful tips on how to approach a price increase. How to increase prices without losing customers
Protect your profit margin
If your competitors are not increasing their prices, and this concerns you, then you need to look closely at your cost of doing business. Can you protect your profit margin by making efficiency gains and keeping a lid on your input costs?