by Dr Greg Chapman
Possibly the biggest opportunity I see with small business clients I have helped over the years is to increase their prices. It is also the one with which most struggle so they become price takers. Increasing your prices is a great strategy as in most cases, the extra revenue goes straight through to the bottom line. A 10% increase in prices can double your net profit…. as long as you don’t lose customers. That’s the challenge and fear. For this reason, my second book, to be released in July will be on how to increase your prices. It is called:
Many of the price increase strategies in this book have been tested by large businesses for years and have been proven to work. They have become the inspiration for this book dedicated to levelling the playing field for smaller businesses. While they may be aware of many of them, they probably are not aware of the strategy, planning and implementation that goes on behind the scenes to make them work. This book contains 57 different price strategies. It lifts the veil on pricing tactics, so the small business owner or professional services practitioner does not have to do a course or get an MBA to discover how to boost their fees without the losing sales.
Some of the pricing strategies are very simple, while others require significant planning. Most of these strategies can be implemented without outside assistance, although professional presentation will improve the effectiveness of the more sophisticated strategies. In the coming weeks, book extracts will appear on this blog. If you wish to be notified to be put on the pre-release list and to receive a pre-release discount, please register here. (There is no obligation, but you will be notified before everyone else.)
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Dr Greg Chapman is the Director of Empower Business Solutions and is Australia's Lea ding Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.
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