How to beat inflation

If you are a consumer, you may not want to read what I'm about to tell you. But if you're a business owner, this is imperative to staying solvent in business.

You must raise your service rates or product prices annually.

As your costs rise, you must pass this along to your customers.

Here is the advice I'm offering business owners on Ruth King's Internet ProfitabilityChannel.com in my weekly Essential Entrepreneur Business Tip of the Week.

These tips are based on my new "Doing More With Less: 73 strategies to get you and keep you out of the red" at my website http://www.jerrybellune.com/

If you’re a retailer, do it at the start of the fourth quarter when consumers are in a buying mood.

If you are in a service industry, do it at the start of your busiest season. For instance, pool installers and landscapers should do it in the spring.

Gift shops should do it before Mothers Day, one of the busiest gift giving times of the year.

Mom's worth every penny. Sorry, make that dollar.

On Friday, we'll talk about how much to raise prices.