Wednesday, November 24th, 2021

Skimpflation

“Courtesy is the one coin you can never have too much of or be stingy with.” – John Wanamaker

Have you been reading about skimpflation?

The quality of service, in various places like The Magic Kingdom, airlines, restaurants, etc. have deteriorated since the beginning of the pandemic. It is a problem that the NPR show “Planet Money” has labeled “skimpflation.”

The definition of skimp: expend or use less time, money, or material on something than is necessary in an attempt to economize.

Many businesses, especially small businesses have skimped in order to stay alive. Airlines cancel flights and put people on hold on the phone for hours. Some restaurants have eliminated menus and you must use your phone to see what is offered. Hotels and stores provide fewer services than in the past. Service seems to be very poor just about everywhere. Much of this is because businesses are simply understaffed.

Per NPR: While it may lurk in the shadows, make no mistake: Skimpflation is a form of inflation. As with normal inflation, it means we’re getting less for our money.

Read more about it here and consider the service in your own firm. I have talked to CPA firms who are concerned about obtaining new clients because they fear they won’t be able to offer the awesome client service they were once able to provide.

It is important that your long-time clients don’t feel that they are not getting the same level of service they have received in the past.

Are you guiding your small business clients through the minefield of skimpflation?

  • "Fear will make you stingy."
  • Kenneth Copeland

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