We typically love an upward trend. But when it comes to inflation, not so much.

In February, inflation — the increase in prices for goods and services — had risen to 7.9% in the U.S. compared to the previous year. AKA the highest increase for the consumer price index in 40 years.

With the continuing crisis in Ukraine and the subsequent sanctions imposed against Russia, we’re seeing a surge in prices for gas and other raw materials. While we’ve only seen this huge spike recently, our economy has been dealing with rising prices for a while now.

The number one culprit: COVID.

We’re still muddling our way through all of the employee shortages and supply chain disruptions caused by lockdowns early in the pandemic. Plus, the reopening of the economy post-lockdown unleashed a wave of consumer demand — people want access to the goods and services they had been missing out on.

Add that desire to spend with a low inventory of goods and lack of people power, and you’ve got a recipe for rising prices on products and services. And according to economists, don’t expect that upward trajectory to reverse any time soon — we’re talking years.

So, the question is: what can your business do to deal with inflation while maintaining good relationships with your customers? Because as much as we hate to see it, SMBs need to increase their own prices to make up for the rising prices of, well, everything else.

Here’s how you can address inflation in your business and cushion the changes for your customers.

Lean on what makes you unique

While inflation can be a stressful period for businesses, you can also use it as an opportunity for introspection. It’s a good time to consider the big money-makers that are driving success in your business.

Think about what differentiates you from your competition and lean into that. Which of your products are always flying off the shelves? What services do your customers come back for time and time again?

If it’s possible, consider cutting out extraneous goods and services. While it can be a bummer to reduce your offerings, there’s a lot of good that can come from refocusing your attention on certain specialties.

For one, you’ll reduce or completely get rid of the need for certain materials and the amount of labor for those extra commodities. Plus, when you have one or two main selling points, you have more time and energy to make that product or experience better for your customers.

Strategize your new pricing model

When you hear the word “inflation,” your gut reaction might be to simply raise your prices across the board and leave it at that. While that’s definitely an option, there’s a better way.

You want to strategize when it comes to your prices. Try bundling your products and services together in a way that connects your highest-sellers with your less popular goods.

If you increase your prices, you can offer complimentary services or add warranties to your products. You can also account for inflation by keeping your prices the same and adding other fees — rideshare apps like Uber and Lyft are dealing with rising gas prices by adding surcharges for their customers.

Plus, have you ever heard of “shrinkflation?” It’s when companies offer a little less of their products or services for the same price. Research shows that customers are typically more price-sensitive and that they’re more likely to notice a price increase than less product for the same price.

Basically, you have a lot of options when it comes to increasing your prices — or not.

Invest in your customer experience

At the end of the day, this period of inflation isn’t just hard for businesses — consumers are dealing with rising prices everywhere. What can you do to make this time easier for your customers?

Beyond some of these tips, there isn’t much you can do about price hikes. Communication is important here: not only do you want to talk about the changes in your own business, but you also want to take note of your customers’ pain points.

Look for opportunities to go above and beyond — maybe you can start a loyalty program for your repeat customers or offer incentives for sharing your business with others.

While inflation may last for a while, it won’t last forever. Think of this period as a time to build customer loyalty, so they’ll keep coming back to your business, no matter what.