We all want to make more money now….that’s axiomatic. But Mark Tabaka, writing for Inc.com, is a little off base.
His central idea seems to be raising prices. Nice idea, but we think not too practical at the moment…..there’s a recession on, Mike! We doubt that most businesses can do increase prices, as nice as it sounds. We hear more grumbling from owners about having to offer more discounts, extended terms, etc. that indicate the economy is still in a recession.
We did have a couple of members raise prices recently, but they were both underpriced relative to their competition, which Mark fails to mention.
Not mentioned is the service quotient to one’s business, which is usually the key to raising prices….if your service is perceived as better, you might have a chance. Or, as one of our Solutions Forum clients has had happen, you might not get asked about discounts as often. And he’s the market leader in his area.
We’ve always liked keeping prices low, selection and quality and service high and thereby killing the competition, which is an alternative Mike doesn’t mention.
But, if you want to read Mike’s article, here’s the link: http://inc.com/mark-tabaka/make-more-money-in-5-simple-steps.html