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What is stopping you improving your pricing?
As accountants and trusted advisors, we are often asked to help clients to prepare budgets, reduce costs or to help them to decide whether an investment in additional staff or equipment is a good idea. Only rarely does pricing come-up in the initial conversation, and according to Mark Peacock from Pricemaker, 10 things a business will do to drive growth (before they look at pricing) is :
It's surprising that when business owners are looking at strategies to grow their business the one that will provide them the fastest results doesn't appear in their list of options.
There's nothing wrong with doing any of these if they are important to your growth plan. Yet pricing has the biggest potential for long term profit growth, provides a higher return on investment and finally a QUICKER payback period than ANY of the items shown above.
But when it comes to pricing, most people think “it’s too risky”, so choose instead to follow the latest shiny project (which will have lower ROI and longer payback periods).
Belief: “It's too difficult, we haven’t got the time or the money, and we’re not sure of success.”
Reality: Following a proven pricing methodology will help you get past your fears and achieve higher levels of profit growth than you thought possible.
They are seeing projected profit increases of anywhere between 10% to 30%+ as a result of better pricing.
Mark Peacock at PriceMaker is a trusted partner of Ashton Allsop. We have worked together on a number of projects for clients across different sectors to understand their pricing and product-level profitability. Mark has then developed and rolled-out strategies that have enabled significantly improved financial performance.
Clark Benefit Consulting Limited
Martin’s advice, input and ability to interpret and report data on our fledgling ecommerce business was highly useful enabling us to take further growth steps confident that we were doing so on a sound commercially beneficial basis
Peter Graham, Managing Director of Assured Products Ltd