Ep. 78 - Why Fear May Be Costing You Profits
Thriving in Tandem: The podcast for married entrepreneurs
English - October 04, 2021 16:00 - 37 minutes - 42.6 MB - ★★★★★ - 2 ratingsEntrepreneurship Business Society & Culture Relationships familybusiness business couplesinbusiness entrepreneurship marriage powercouples relationship smallbusiness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
You may be working harder than ever this year yet the profits just don’t seem to be there. In fact, your total revenue may even be up but the profits aren’t. Why is that? It may be a simple fact that you aren’t charging enough.
If you’re like the majority of businesses out there, your sales price is not high enough and it’s costing you profits. Now you may be thinking that if you sell enough volume that the profits will follow. How’s that working for you? What we see is that the low price just forces the business to work harder. And the kicker is the profits don’t increase. At least as a percentage of sales.
And if your net profit is less than 15% of total revenue then you have room to increase price.
Even if you realize you should be charging a higher price there is natural fear of raising prices for a variety of reasons. So this episode is dedicated to helping you get over that fear so you can raise your prices to where they should be and give you a better margin of time and money.