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Is the pressure to keep prices low hurting your profits?
All businesses have to deal with setting prices. Yet very few take the time to really use price setting as part of their overall business strategy and improve profitability. I know that many...
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Four key consumer trends to keep your eye on in 2012
Most savvy business owners are well aware of the way the technological world is changing, and the impact that it’s having on the way we do business. In less than 7 years, Facebook went from a college...
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Plus. Plus! Plus?
Herewith another holiday lesson. This time it’s about alternative (or ancillary) revenues which are all the rage right now – especially in the airline industry. I call this incremental charging...
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5 Tips for Selling If Your Price Isn’t the Lowest
Price has always been a major deciding factor in the sales process. But what if you don’t have the lowest price? One of the best things you should learn is how to sell on a basis other than price....
View ArticleHow to build a pricing strategy
In the mid-90s I was shown a business video featuring an unassuming Australian retailer called Wally. Wally was an extraordinarily astute businessman, and many of his insights in the video have stayed...
View ArticleHave you used the Value Equation?
We all know that getting pricing right is a key aspect of optimising the profitability of a business. It would be great if there was an equation that we could put some numbers into and it would spit...
View ArticleThree’s a charm in product pricing
Most business owners often mistakenly assume all customers are price conscious and that there is only one optimal price for each product or service. But there is strong empirical evidence to prove that...
View Article5 questions business owners need to ask their accountant
I work with accountants every day. It’s all we do at Proactive Accountants Network — help accountants make a difference with their clients. As part of that work, we run Client Advisory Board (CAB)...
View ArticleWhy price is often irrelevant
There is a well-known truism that while some consumers might base their purchases on price, most will gladly pay a premium to get great service. Turns out, this is both practical and profitable advice....
View ArticleHow much is your time worth?
A few years ago, one of my first business coaching sessions was with an entrepreneur who had spent a year and a half in development. He’d given up a well-paid job and spent about $25,000 on developing...
View Article6 reasons why you should never discuss price with customers
This post is similar to an internal document I recently wrote for a client to share with their sales teams. However, I have adapted it for general consumption as I feel it applies — or should apply —...
View Article6 things your accountant can do for you beyond compliance
Remember when you used to look forward to New Year’s Day? In the finance world, the equivalent day is July 1, and this financial year we are subject to a deficit levy, rising unemployment and a...
View Article5 things you need to do before selling your business
Did you know that the average age of business owners in New Zealand is around 58 years old? Unless they’re going to work until they die (thanks BNZ, great commercial!) this means there’s going to be...
View ArticleHow to succeed with pricing
Getting your pricing right in business can be tricky, and it’s all too easy to get it wrong. More often than not, business owners underprice and leave money on the table. This is because business...
View ArticleIs your business growing faster than inflation?
Are you looking at the right numbers in your business? Many business owners often overlook the rate of inflation when reviewing how their business is performing. While rising sales and turnover can...
View ArticleDollar days: Your foreign currency exposure
In June 2011, the Australian dollar peaked at $1.10 against the US dollar. Recently, it has sunk to around 0.70 cents. Even if you think your business is not exposed to exchange rate fluctuations, I...
View ArticleHow to cope with business competition
In the area of business competition, there’s one thing I’ve learnt over the 32 years I’ve been at the coalface of advising SMEs and that is, no matter how many other competitors there are in your line...
View ArticlePricing strategies that work
How much should you charge for your product or service? Should you offer discounts? What is everyone else charging? Pricing can be a very controversial subject. In this information age we are bombarded...
View ArticlePricing your services
One of the questions I get asked often is how to price a service. When pricing a product, it is a little easier because there are tangible costs such as stock costs, freight and insurance to cover. But...
View ArticlePricing psychology tips that work
Whether you’re selling a new product or thinking about repricing your existing products, choose a price that will maximise your profit with these pricing psychology tips. Pricing psychology involves...
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