19. What is your pricing strategy?
from Profit 2 Cash Hosted by Phoebe Dray
Following on from last week's episode, today I am chatting about the various aspects to consider when setting your pricing strategy. The most important being that first and foremost you are in business to make a profit! Your pricing strategy must enable you to not only pay yourself a market rate salary but also at least a 10-15% profit after all expenses including your wages. My top tips to focus on this week in how to set your pricing strategy include: 1. Understand the costs of your business, both variable & fixed, 2. Be clear on your profit goals, 3. Do your market research, including competitors, customers & market influences that affect your business, 4. Be clear on your sales volume goals, and 5. How do you wish to positioning your products or services in the market Pricing is a balancing act, an artform, and always needs to be reviewed. Ensure you establish a rhythm of reviewing your prices at least quarterly. Send me a message if you would like access to my F*R*E*E* Value Proposition Tool to help you set your pricing strategy. If you have loved today's episode, please share with your friends, write a review and subscribe. 😊 Let's connect online: Facebook: https://www.facebook.com/phoebo.greening Instagram: https://www.instagram.com/phoebe_dray/ LinkedIn: https://www.linkedin.com/in/phoebe-dray-cpa-4a12018/ Website: https://phoebedray.com/
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