261: Pricing for Predictable Profit with Dr. Sabrina Starling

How is the profitability in your business? The biggest factor in your profitability is making sure you are pricing appropriately, and you have to know your numbers to predict your profit! In today’s show, we will discuss how to set your prices, when to increase your prices, and what to do if your low margins don’t provide appropriate owner’s pay. There is a LOT to consider within this topic, but it’s relevant to every small business owner and can make all the difference in your profitability and your life! Join us to learn more!   Profit by Design is a Tap the Potential Production.   Show Highlights: A look at the bigger picture of “appropriate owner’s pay” Why pricing for growth and investing in yourself are essential in your business How the Tap the Potential Solution teaches you to plan for 30% growth year after year (Download your copy of the Chart of $10,000 an hour activities here!) How to set your prices correctly, based on the cost of goods sold, consistent margins, and net profit margins (Follow my example to learn to do the calculations.) An example to show why a 20% net profit margin will not allow sufficient owner’s pay and investment for growth How our Better Business Better Life program teaches you to strategically raise prices  The bottom line: know your overhead costs, basic operating expenses, and cost of goods sold The quick and dirty way to know if you can afford to increase your prices The value in clarifying your sweet spot and who your ideal customers and clients are (Our Better Business Better Life Jumpstart can help! Sign up today to begin on Oct. 2!) A real-life example of a client, Cathy Anesi at the Lighthouse Wellness Center, and how we helped her increase her net profit margin and implement the Tap the Potential Solution Three ways to raise your profit margin: reduce costs, increase prices, and work on customer retention Key steps in managing expenses: track your overtime, scope creep, and change orders Links and Resources: Connect with Take the Better Business, Better Life Assessment: www.tapthepotential.com/assessment   Our Better Business Better Life Jumpstart can help your profitability in every way. Sign up today for the next session that begins on Oct. 2! Join the Tap the Potential Community on Mighty Networks: www.tapthepotential.com/group    Let us help you and your business! Book a call with us today!  Let us help you manage your time, your most valuable resource! Get your FREE copy of the Tap the Potential Strategic Planner for 2023 at www.tapthepotential.com/planner.  Download Dr. Sabrina’s Introductory Training: How to Make Your Time Worth $10,000 an Hour