How to set prices in your business

Have you ever considered the prices your business charges for its products and services? How does it compare to the market? Is your business closer to the lowest or highest cost provider? Taking time to understand your competitors can go a long way in understanding where your business fits in the market and what opportunities you might have to adjust the pricing for your products and services. Does your business work hard to attract and provide value to a specific type of customer? Does your business currently serve customers that are not as profitable as others? Why? What would it take to find and serve your perfect customer who would agree to pay the best price possible for what your business offers? And finally, what price would you like to get for your products and services? What would be required by your company to capture that price? Pricing is another lever that business owners can use to increase their margins and cash.

 

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