Increase Your Prices!

Yes I know it's scary but read below to see why you should...

Do you dread increasing your prices?

The fear is that customers will stop buying and find a cheaper alternative - right? I run into this issue with nearly every business owner I coach. They absorb increasing business costs and their net profit reduces… sound familiar? Sadly, this is a death spiral which usually leads to cutting costs to the bone, working longer, and becoming more desperate until in the end they start looking for a job.

The reality is likely that if you have a great product and service, your customers will absorb the increase with a shrug and not even mention it. I have been nagging the owner of a local restaurant to put her prices up for three years. Recently, she did it, and when I saw her, I asked had anyone complained… she said “nope”. I smiled and said okay, so you do it again in six months. She rolled her eyes and swore, but I hope she’ll do it. She may lose one or two tight-asses along the way, but the increase in revenue with no increase in cost will make up for more than what she will lose from those people.

The only downside? I’m paying more too now. 🙂

If you want to chat about making more money from your business you can contact me here