Australian Business Coaching Club - Why You Should Increase Your Prices & Why Most Owners Wonít
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Why You Should Increase Your Prices & Why Most Owners Wonít
Before I answer this, try answering the following question:
Why are You in Business?
People give all sorts of reasons. Often they refer to some higher purpose, such as helping people in some way or providing for some personal lifestyle needs. This is all very well and good, but all these objectives will be compromised if the one overriding purpose of any business is not met- that is to make a profit!
Why is making a profit so important? If you are not making a profit, you are just breaking even, or more likely, making a loss. (Even when owners believe they are making a profit, they often arenít as they have not considered the sustainability of their business.)
If your business is losing money, your energies and resources for any other purpose will be drained. You canít continue helping people if you are going out of business. Likewise, if your lifestyle business is making a loss, it wonít be a very happy lifestyle. So if your business is unprofitable, the chances are very small that you will achieve other objectives through your business.
So letís agree that making a profit
is the prime purpose of your business.
1. Reduce your Costs
Pretty basic really. Lets look at the first Ė decreasing costs. This is a limited strategy as at some point, you will compromise your sales. Whereas, increasing your sales is a no limit strategy.
There are five strategies you can use to increase your sales.
All you need to do now is to Empower yourself and take action ...
Have a great month.
Dr Greg Chapman - The Business Brain Surgeon