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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

July/August 2023

Help Your Startup Weather Record-high Inflation

startup business people group working everyday job  at modern office

Costs go up and sales go down. That’s the double whammy of inflation. When prices of the items you need to run your business increase, profit margins decrease, leaving a business owner in a precarious position. Here are steps you can take that may help maintain profits.


Adjust Pricing
If your costs are greater than your revenue, you may have no choice but to increase prices. Consider raising regular prices, while offering sales and promotions that attract customers and boost your profits. Bundling related products at a small discount can also be profitable, since customers are spending more to get a bargain.


Renegotiate Terms
Ask vendors for longer repayment terms so you can hold onto your cash for as long as possible. Manage cash flow on your end by sending out invoices quickly to customers and making the payment period shorter.


Cut Expenses
Reducing costs is a sure way to increase profit margins. Downsize your office space and/or have employees work remotely if your business isn’t customer-facing. If you need to maintain your physical space, try negotiating lower rent and look for ways to cut utility costs. Shop around for less expensive vendors and service providers or negotiate pricing with those you currently use. Looking at all costs line by line may help you find significant savings across the board.


Add Product Lines
Introducing new products that complement the ones you’re already offering can bring in new customers and encourage current customers to purchase additional items. Consider featuring a subscription service that allows customers to get a discount on products or services they buy or use frequently.


Promote Loyalty
When it comes to purchasing goods or services, customers have a lot of options. A loyalty program that rewards them for their purchases can keep customers coming back to you. Loyalty programs also can attract new customers and give you an edge over your competition.

Keep in Touch
Maintain a database with contact information for people who use your products or services. Sending periodic emails or texts announcing sales and discounts can bring customers to your business with little effort on your part.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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