Raising Prices is Uncomfortable in business. ❓Are you undercutting your value by undercutting your prices?
Category: Bookkeeping, Sales, Financials
This is common for new business owners or business owners with new products. We try to either "buy" new business with lower pricing or we're not sure how to execute so we price it low to see if there's any traction.
Other reasons:
- We feel the need to undercut the competition.
- We haven’t done our homework.
- We don’t have the confidence to charge more because we don't understand our value.
🎯 Goal: Bolster your business' self-esteem by appropriately determining if you're underpricing your products and/or services.
🚧 Actionable Item: Review your cash flow, budgets, and overall financials to see if you're covering your overhead.
If people leave you, they may not have been worthy clients in the first place and/or were merely price-oriented. If you sell on price, you must serve/service on price.
There's nothing wrong with natural attrition. It'll either save time and/or your sanity.
Listen to this podcast video Is your Value Worth Your Price?
No time? Listen to this 40-second clip.
Become a Glitch Guru. Find out more about the project: https://auroraconsulting.biz/lets-glitch/
Welcome to the Biz Glitch 366 series where we discuss 366 mistakes that we've made and seen in business over the course of 6 decades collectively.
We'll share a mistake of the day aka GLITCHES. We've organized the 366 glitches into 21 categories. Accounting, Bookkeeping, Branding, Business Growth, Business Operations, Business Structure, Credit Score, Culture, Customer Service, Cyber Security, Financing & Financials, Human Resources (HR), Insurance, Marketing, Mindset, Legal Issues, Outsourcing, Sales, Technology, Training/Education, Website Management
WHO WE ARE:
60+ years combined of owning, running and managing businesses and working with thousands of business owners to understand how business can be fun or it can falter.
Know ahead of time what mistakes to manage and what problems to prevent...BECAUSE THEY HAPPEN!
https://auroraconsulting.biz/lets-meet/
#priceobjection #smallbusinesspodcast #businessbasics #smallbusiness #smallbusinessowner #buildingabusiness #runningabusiness #simplesense #PAPERWORK #OrganizeDocuments #Documentation #BizGtlich366 #BizGlitchProject #BizGlitch #366Glitch
▶️ 3Speak