You’ve raised prices – now what?

Businesses that pass rising day-to-day costs on to consumers risk scrutiny and backlash. Here’s how to avoid that. Warren Buffet once said: “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10%, then you’ve got a terrible business.” 
This daunting prospect is one that will be weighing heavily on the minds of finance leaders. More than half (55%) of the 4,800 UK businesses recently polled by the British Chambers of Commerce (BCC) said they expected to increase prices this year. Ever since Labour announced an increase in taxes related to employing people in the October budget, firms have been searching for ways to protect their balance sheet against the additional costs.