We have big inflation and high-interest rates, which are not going away soon. Those of you that remember the 1970s will know what this means. During the pandemic, many cut costs wherever possible, trying to cut waste to keep the bottom line up, e.g. reducing salaries, including their own. More can be done, but I doubt much savings are left here. Now although retailers are reluctant to raise prices, what alternative is there? Cost of goods are moving up, salaries are up, interest rates are up, superannuation is up, rent is up, etc., and these need to be paid. If you haven't altered your prices, this is something you need to do, and you need to do it regularly now.
First, you must look into your business and run the numbers. Then check out the competition, a quick walk around the area, plus a study on the internet can tell you what you need to do.
Now I suggest you run "Quantity On Hand and Price Check" report.
This shows your margins. It makes it quicker to check as it is in a list.
You also want to look at your low-margin items and ask yourself - WHY?
Improving your profit margins was good, but it's necessary now.
