Fire Someone Today: And Other Surprising Tactics for Making Your Business a Success by Bob Pritchett

Author:Bob Pritchett
Language: eng
Format: mobi
Tags: book, ebook
Publisher: Thomas Nelson
Published: 2006-04-08T14:00:00+00:00

Inflation Is a Nasty Monster

Every year, inflation raises your costs by at least 2–3% whether you are paying attention or not. Being the greedy, attention-loving monster that it is, inflation finds some important commodity or service (oil or health care, for example) that it can spike every year by 20 or 30%—an increase you are sure to notice.

It doesn’t take long for an annual 2% increase in all your costs to eat away your profit margin. But it would be a luxury to only have to fight macroeconomic inflation. The steady march of inflation is nothing compared to the big cost increases your employees can demand from your payroll.

One popular measure of inflation is the consumer price index. The CPI is a tasty basket of eggs, bread, milk, and unleaded gasoline that your employees are buying every week. That basket is getting pricier all the time. Your employees are feeling this inflation in their wallets and expecting you to make it up every other week in an envelope. And this is only the first of their reasonable demands.

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