How Global Women Entrepreneurs Can Battle Inflation

“Businesses exist to create profit, so to be a successful business, you need to ensure you are saving on costs as much as possible without compromising the quality of the product. ”
– Forbes, “How To Handle Shrinking Profit Margins During Times Of High Inflation”

MSME owners across the world are coming face to face with historic economic inflation. Adapting to these uncharted circumstances and still coming out on top are just some of the grave challenges global entrepreneurs are experiencing in the wake of COVID-19’s impact and supply chain issues. As Melissa Houston explains in her Forbes article, “Small business owners are currently getting slammed from all angles. There are cost increases, manufacturing delays, and shipping issues.”

Turning to each other for advice and insight to garner more knowledge on how to keep costs low and profits high during this new inflation crisis is important for women entrepreneurs. Houston references two women business experts who are doing just that, Jacqueline Snyder and Minna Khounlo-Sithep. They, “are the business coaches at The Product Boss, where they support product-based businesses and teach pricing strategies to their clients. They have been there, dealing with manufacturing, shipping, and raising costs.”

Some of their key tips for women entrepreneurs when braving this time are,

• Prices should be reviewed on an annual basis
• Look at ways you differentiate from the competition
• Look at your costs
• Streamline efficiencies
• Renegotiate prices with vendors

With the right mindset and collaboration, women entrepreneurs can remain unphased.