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The impact of inflation on businesses and how to fight it

In 2022, inflation reached its highest levels in 40 years, and while there has been some improvement in 2023, we have not yet returned to comfortable levels. Understanding the impact of inflation on businesses and finding ways to succeed despite it is crucial.

With inflation, everything becomes more expensive, which can reduce your customers’ spending ability and pose challenges to businesses. However, this doesn’t mean that your operations are doomed. There are alternative strategies you can explore. For example, if you can’t afford to purchase new equipment for your facilities, consider leasing as a viable option.

Nurture your existing customer base: Pay close attention to your loyal customers and take steps to retain them. Implement a rewards program to encourage repeat business even as prices increase. Offer discounts or freebies to show your appreciation for their loyalty and help offset the price increases.

Attract new customers: Although it may be difficult, expanding your customer base is important to mitigate the impact of inflation. Study your competition to identify how you can offer better or different services, and prioritize excellent customer service to win over customers from your competitors.

Don’t underestimate marketing efforts: In tough times, marketing departments often face budget cuts, but this is a mistake. Boosting your marketing efforts is crucial during challenging periods. Effective marketing strategies will help you retain current clients and attract new ones.

Give a little extra: If you need to increase prices to keep up with inflation, make sure your customers feel they are getting something more in return. Consider adding value to your offerings, such as providing TVs, music, or Wi-Fi in your laundromat.

Stay competitive: Even if your customers are loyal, they may search for cheaper alternatives if your prices go up significantly. Monitor the prices of nearby laundromats and ensure that your prices remain competitive.

If you have to raise your prices, keep the increases manageable: Instead of making one large jump, consider implementing multiple small increments. Remember that if you feel the effects of inflation, your customer base is likely feeling it too. Keeping your prices manageable will ensure your customers can still afford your services.

Fight the impact of inflation on your business with our service agreement.

The service agreements at Southeastern lower the overall cost of your operations. We monitor machine performance to assure equipment operates as expected, ensuring your utility costs do not increase. It helps reveal potential failures that can result in costly damage or higher operating costs, and it includes all costs of labor, parts, and repairs.

Our Quarterly inspection of 77 key points on your washers and dryers results in a full health report for your machines. And the best part? You always pay the same fee for the duration of your contract. Inflation may go up to the roof, but you can be sure that your equipment will stay in top form for the same price you payed when you entered the agreement. Fill out the form below to determine if your equipment is eligible today.

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