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With supply costs constantly rising, it is vitally important that you’re keeping tabs on your own pricing and considering the need for an increase.
This is not only necessary to keep your business sustainable and profitable, as each pound increase goes straight on the bottom line; it’s also important that you are reflecting the true value of your products and services. Your business is different (and hopefully better) than your competitors for a number of reasons, so your uniqueness should have a clear “value premium” built in.
Ask yourself, when was the last time a customer or client complained about your price?
Be brutally honest with the answer.
If you have answered “often,” it may be that your pricing is actually correct or reasonable. After all, you must have been making sales at this level previously, so something may have diluted or been forgotten along the way. Possible reasons for this include:
If you answered “never” to the earlier question, the chances are that your pricing is too low. It’s a well known saying that ‘if customers are not negotiating on your price, you are too cheap.’
You should also consider other work that you have carried out that you could have charged for, but haven’t. Do you make excuses to yourself about why you have given away services for free? As soon as you do this you create an expectation on your customers’ part where, unless you explicitly state that this is a one off inclusion, they will expect it for free every time. These add-ons can dilute the overall value of your offering, having the opposite effect to what you intended, pushing customers away or leading them to question your quality.
Pricing is never an exact science. Each of your customers will have a different barrier at the level they will pay, so getting it exact for every customer is practically impossible. But one thing is for sure, if you are at either of the extremes we have mentioned, you need to take action – and soon!
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
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