The Price is Right
I often hear clients complain that they aren’t making as much as they would like, or even worse, any money !
I have noticed over the years that business owners tend to focus on reducing overheads such as staff wages or expensive advertising campaigns, instead of the root cause of why they aren’t making as much as they could be – Pricing ! You guessed it, the price needs to be right so you can maximise your bottom line and bank account balance.
I have heard nightmare stories of clients not putting up their prices for five or so years and have absorbed the increasing costs themselves, a big no no ! Others are too scared to increase their prices in case they lose customers and I ask them are these customers your best ? Quite often aren’t and they refer likeminded “tight” customers. I have also heard of clients discounting to beat competitors, discounting can be deadly to your profits ! Some clients have staff members or subcontractors that aren’t being charged out at an appropriate rate thus missing out the benefits of having staff by leveraging off them to make more money per hour.
One of the proactive services that we offer at Nifty Accounting is to look at every area of where we can help you make more money. Pricing is the first thing that we look at. Feel free to contact our office if you would like to have a complimentary meeting to see if your business pricing is right !