If you are experiencing difficulty with
increasing your profits and you’re serious about doing so in the next six months
then read this tried and tested tip that will improve your profitability:-

Increase your prices

This does not mean raising all your prices regardless of market conditions.
Many of my clients have said they cannot do this because if they did they would
lose customers. After all, some customers will only ever make a purchase based
solely on the price of the product or service.

Think about it: do you always buy the cheapest product or do you
look for value for money?

Many customers look for value rather than price. Perhaps your
supermarket isn’t the cheapest, but it is open longer, has friendly staff, and
is convenient.

Different people place a different emphasis on the different
elements of a package. Your job is to understand what each of your customers
values most. You will have some customers who are very price focused, but are
they all?

Similarly, do all your products or services have the same price
sensitivity?

In other words, there may be the opportunity to increase some of
your prices in certain instances.

Look honestly at your business and pricing policy. When was the
last time you increased any of your prices (even to match inflation)? Compare
this with your suppliers. If you have not increased your prices to compensate
for inflation or incoming price increases then I am sure your margins have been
negatively affected. If you allow this situation to continue then unfortunately
there will only be one conclusion.

Take a hard look at your business and decide
whether you could put up your prices on some or all of your products or
services.

Many of
my clients have selectively increased their prices asked and have seen some
incredible results.

To find
more tried and tested business improvement tips that really do work, simply
download my FREE book

“Small Business Owners…

Increase your
profits by 200% in six months ….and
still have time to spend it!”

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