Common mistakes can kill your small business. That’s why we have an ongoing series of examples: so we can learn together.
Today’s example is from the recent panic buying driving up prices in the firearms industry, post-election. One small business quickly raised prices on their website. Unfortunately, they forgot to update the list price. The end result: Your Savings turned into a big negative number. Oops!
What is the lesson? Well, I would say to avoid price gouging during panics. And to approach price increases in a considered manner. Just a thought.
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.