Smart Pricing Tactics to Boost Your Profits

Getting your prices right is the single most important element of business financial management, yet many people do the equivalent of licking their finger and embarrassedly sticking it in the air.

Calculating & communicating prices dosn’t need to be complicated or awkward – it can be as easy as getting a grip on your costs so that they are all covered (allowing for inflation), assessing what sort of margin allows for tax/rainy days and you to make the sustainable profit you need, and checking in properly with what your competitors are doing so that you can position yourself strategically.

 Pricing is a constantly evolving balancing act combining data analysis, gut instinct, communication, and stakeholder buy-in – so, whichever personality type you identify with, finding the time to do it regularly and effectively should be the method by which you see your financial big picture and present the real worth of your products/services to the world.