Episode 30: The power of price
Double your profit with a 10% change in price. Doesn’t sound right? Listen and be pleasantly proven wrong. It’s natural to think that putting your prices up will result in you losing clients but that’s not the case, and in the episode you will learn why. Other than having a top tier team pricing is arguably the most important thing to get right in your business.
Think about it like this… when was the last time you bought a coffee? Or Tea? Or even a cheeky hot choccy? Was it more or less expensive than it was a year ago? More, right? But you didn’t say no, you still paid for it. Because costs are going up, so a price rise is to be expected. Why would your business be any different? Your staff are more qualified, you take more risk, your job is harder for the average person to do themselves, your materials are more expensive… so charge for it.
In this episode you’ll learn about the power of price and how it can create an absolute truck load of opportunity for your business. You’ll also get an idea of what happens when you don’t charge enough and how it can result in worse customer service for your clients. You need to have enough “fat” in your margins to create a safety net on your jobs, otherwise you could be one mistake away from copping some big losses.
WHAT YOU’LL GAIN FROM IMPLEMENTING TODAYS PODCAST:
- An ability to create much higher profit margins
- Better customer experience for your clients
- An understanding of how margin can be used to create a safety net on your jobs
LINKS MENTIONED IN THIS EPISODE:
- Book a FREE 15-minute call to learn what coaching could do for you business
- Join our FREE private community of trades business owners in our Facebook group
- Subscribe to our YouTube Channel
- Get a copy of the Profitable Tradie book
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