When did you last increase the prices of your products or services?
As consumers, we expect to see prices increase over time in line with inflation, but as business owners, we often hesitate when it comes to putting our own prices up, nervous of the impact it may have on the relationship we enjoy with our customers. You can be certain that your suppliers’ costs and other overheads will only go in one direction though, and if you don’t keep pace, you’ll very quickly find your standard of living being eroded.
If you still need convincing, here’s a question for you: Do you think that the customers you’re worried about upsetting hesitate about putting up their own prices? The fact is that price increases aren’t optional, they’re a business critical imperative that you simply can’t afford to ignore. The key to successfully increasing your prices is to understand how to manage the process, and have a strategy in place to implement regular increases. You know this of course, but having the confidence to actually go ahead and put your prices up, can sometimes seem like a huge step.
‘How to Manage a Price Increase
’ is the topic of our upcoming workshop which will be presented by business coach and sales and marketing expert, Ellis Bardsley. Come along to hear Ellis explain why it is that business owners frequently find themselves struggling with the concept of putting up their prices, and listen to his simple, easy to follow process that will enable you to prepare and implement the much-needed price increase your business needs.
During the Workshop Ellis will explore:
- An understanding of why price Increases aren’t optional!
- The mind-set surrounding price increases and why it is absolutely normal and correct to have concerns, then go ahead and put your prices up!
- Tools to assess your price increase from the perspective of your Business’s needs, the market and your clients.
- The crucial steps that allow you to plan, implement and communicate your price increase.
Here at Inca, we’re committed to supporting start-ups and established businesses with our programme of events to help them grow and flourish. Understanding how to manage price increases will ensure your business always maintains healthy margins. This is a workshop that no business owner can afford to miss. Places are limited so book yours now!
Before joining ActionCOACH, Ellis Bardsley spent over 20 years successfully running businesses and managing brands serving the independent, small and medium business owner. He believes that to succeed, businesses must be constantly and relentlessly driven forwards, and that all aspects of a business require constant momentum, but none more so than sales and marketing. He says: “Every successful business owner understands how to effectively and systematically promote his business and to grow it!”
How to Manage a Price Increase
Thursday, 21st May, 2015, 930am-1pm. Howberry Park, Wallingford