How to Get Your Pricing Right
No matter which business, which industry, or which stage of growth you’re in, pricing strategy is one of the most important parts of building and maintaining a successful business. Yet, across all business and all industries, the one thing we commonly find is that most businesses don’t have a clue how to plan their pricing. Often times, business owners price their products when they’re at their most disadvantageous position, such as when they aren’t making enough sales, or when they are so overwhelmed with business that they want to reduce them. With the former, you end up trying to undercut [Read More]
How to Double Profit without Doubling Debt
One of the greatest daily struggles of a small business owner is having to walk the fine line between paying the bills and investing in future growth. Many times, business owners look at their sales charts and see profit going up, but they don’t see their cash flow situation getting any better. They are making more money, but still not having any more to spend! So how does that happen? Well, what we have is a problem not necessarily with overspending, but with cash flow management. In order to grow, a business needs to be able to spend more cash, [Read More]
3 Truths About Why Your Business Isn’t Successful
One of the most dangerous types of small business owner is the one that’s afraid to look in the mirror and tell his or herself the truth. They often think that if they just keep their head down and grind it out, they’ll make it to the other side rich and successful. But that couldn’t be further from the truth. The cold reality is that if you don’t learn to deal with the facts, then these ‘tough times’ you’re dealing with now might not ever end. In my experience, I have found that there are three common lies a business [Read More]
How to create a pricing strategy
‘To successfully price a product or a service for your target market, you have to know your numbers“. Its a given that setting your price is one of the hardest decisions that all consultants and business owners have to make. You have to ‘know your numbers’. You have to know your labour and material costs, your fixed and variable costs and your desired margin. Once you know your numbers you then need to take a deep breath and come up with a price and understand that most of the time, the price you come up with will be wrong. If [Read More]
