Join us in this episode with host Greg Robins as we explore why it's  smart for salons to adjust their prices with inflation, covering  everything from its impacts on your business to practical tips on making  the change smoothly, all with a helping hand from the Beauty Council. Join the BeautCouncil today. https://beautycouncil.ca/membership-account/membership-levels/ 1. Inflation and Its Impact on Salons:We discuss the importance of understanding inflation, which is the general rise in prices and erodes purchasing power. It's highlighted how inflation affects not just consumer goods but also operational costs like rent, utilities, staffing, and insurance for salons. 2. Rationale Behind Price Increase Recommendation:We recommended a price increase of 7% for salons that haven't raised prices since the summer of 2022. This recommendation is based on Canada's inflation rate and the increased costs of goods and services necessary for business operations. 3. Consequences of Not Raising Prices:Not adjusting prices in line with inflation can lead to diminished resources, affecting the ability to deliver quality service. Salon owners might end up reducing their own remuneration, which is not sustainable in the long run. 4. Strategies for Implementing Price Increases:Emphasizing the importance of communication: Be transparent with clients about the reasons for the increase. Consider adding value to services to justify the price hike, like improved service quality or complimentary perks. Prepare for some client loss but focus on attracting clients who value and can afford the enhanced service quality. 5. Association Support and Services:The Beauty Council offers tools like pricing calculators and market analysis to assist with the price adjustment process. Members can get personalized recommendations and support for implementing these changes.