Most of it is custom one-offs or short runs (1-10 units) from small machined brackets to large weldments with an avg of 1 week turnaround. We are starting to put documents together so we can get past the "he said/she said" aspect, much like your spreadsheets. We have the opposite problem of the owner being a great machinist and fabricator but an insecure salesman, always worried of being told no.
Should be as easy as taking candy from a baby to increase prices doing that kind of work. I get a lot of repeat orders for the same items in the same quantities. So a price increase is obvious. I did an across the board price increase on repeats two years ago. I am getting close to doing it again, but trying to hold off. Of course your boss is passing on increased material costs, but what about the rising costs of general shop supplies? I don't know what isn't way up. I want to sign up for that 8% inflation. On a lot of those repeats I will just duplicate the last supply order for material and tooling. So I look at this P.O. and from memory figure that will cost me $1,000.
So I place an order from the steel yard and McMaster Carr that totals $1400. Figuring my memory is off, no way did prices go up 40% in 6 months. I looked up my old receipts, sure enough they totaled like $975.
As far as those spreadsheets that was over 25 years ago, my last job working for someone else. The owner actually thought I was dumb enough to trust him. I always kept a copy, I only had to produce one.
I think you need to come up with a plan, we all know our trade has suffered horrible wage stagnation. That last job I made $28 an hour over 25 years ago. That was pretty much non union top pay for that area. Put that in an inflation calculator and that is $52.
You and your fellow employees have to hatch a plan. Is there anything where you can improve processes to work more efficiently? I used to get my guys raises by telling the owner what it will cost to replace them if they walk, I had been around and had plenty of friends in other shops. That was the guy cutting my quotes, but we were doing a lot of difficult medical work so there was plenty of money to spend. Doubt that ploy would work with your owner.
You will have to give him something and definitely don't tell him everyone will work harder, that would get him to think you weren't giving him 100% effort.
Without knowing all the details I would just sit down with him and ask what can everyone do help the bottom line so there is money available for pay increases. Pay freezes combined with this runaway inflation are making it tough to get by month to month. Tell him everyone is on board to work together. If that is met with any resistance
it is time to update your resume.