Running a small business is a juggling act at best, where you're continually balancing various responsibilities, from managing the day-to-day operations to keeping a watchful eye on your bottom line.
Whilst all this is going on … I tend to find that often pricing strategies get overlooked, or forgotten all together. Its significance can be extremely underestimated, but the truth is, your pricing strategy is the cornerstone of your small business success.
In this episode, we will delve deep into why it is imperative to focus on your pricing strategy, particularly in the context of the ever-changing landscape of supplier costs, and how to align it with the bigger overarching financial goals of your business.
Take a listen. A x
Key moments throughout the episode ...
- What is cost pass through and why it's important to understand [04:58]
- How to influence supplier costs on your pricing [06:42]
- The aspect grossly underestimated in pricing strategies [08:13]
- How inadequate pricing can lead to decreased product quality [11:30]
- How to get the competitive edge [14:31]
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