During the pandemic, median household income fell 2.9% and every year, prices increase 5.3%. As a business owner, you see the changes and may start to worry about your business.

Fear not, there are ways to combat inflation without severely increasing your prices and putting consumer sales at risk. Budgeting for periods of higher inflation like the one we are living in now isn’t as daunting as it seems.

Monitor your business’s energy prices

Energy prices are a major reason being inflation and auditing the energy that your business uses on a daily basis is a way to cut down on everyday expenses. Forbes ADVISOR suggests sealing air leaks around windows and doors, use energy efficient lightbulbs, set your thermostat lower in the winter, unplug electronics that are not in use; even consolidating car trips can help.

Refinance debt

The Philadelphia Inquirer suggests lock in lower rates on your business property. Pay down your variable, high-interest credit card debt or refinance it into a longer-term loan with lower, fixed interest rates.

Buy inventory and equipment

As crazy as it may sound, now is the time to purchase the core materials your business needs before prices rise even higher. One of the best things you can do is keep the pace with the rising costs.

Reevaluate your investments

Times of inflation are also great times to consult with your business’s financial adviser. Meet with them and discuss specifically your investments, determine which of your holdings can be increased.

The risks of inflation do not have to be a threat to your business. These tips will keep your business above water during trepidatious times.