Inflation hit 8.5% in March, marking the fastest year-over-year increase since 1981.
Lingering pandemic-related supply chain disruptions have been a nuisance, and now, skyrocketing fuel prices tied to Russia’s war in Ukraine are another punch to the gut for construction business owners.
As prices continue to eat into profit margins, contractors will inevitably need to raise their rates. But how do you do that without straining relationships with your customers?
In this episode of The Dirt, host Bryan Furnace talks about how to tactfully approach customers about prices increases, where to raise your rates and what to do once the economy levels out.
Since it is still unclear how long record-high prices may last, or what slowdown could be looming, contractors must remain agile to protect their business.
Equipment World serves up weekly videos on the latest in construction equipment, work trucks and pickup trucks – everything contractors need to get their work done. Subscribe and visit us at equipmentworld.com!