Product Prices Out of Shape - Profit Tip #1 of 99

Still charging 2020 rates?

Most business owners are.

You’re working hard, but there’s still not enough profit at the end of the month.
Costs have climbed. Client expectations have too.

If your prices haven’t kept up, you’ve low key given yourself a pay cut.

Here’s what happens when your pricing is out of shape:

• You attract price driven clients who drain energy and cost more to serve

• You can’t afford better people or processes

• You stay stuck working long hours for less profit

This isn’t a work problem. It’s a pricing problem.
Smart operators review pricing every year.

Here’s what to check:

• Cost changes

• Market value and positioning

• ROI you deliver to clients

If you’re delivering more value than last year, your pricing should reflect it.

Ask yourself:

“If I launched this today, would it actually be this price?”
If not, your pricing is out of date and you’re giving away profit.

Gross profit is the heart of the P&L. If it’s broken, everything else is.

Charge appropriately.