How to set your prices and know if you’re right

For the first time in a generation, price inflation is raging. It may seem obvious that businesses have to keep their prices in line against their costs but not every sector has quickly recovered from the pandemic. What do you do when your customers still aren’t buying at the levels they used to? Is there a systematic approach to the timing, magnitude and method of price adjustments?

Learn the smart way to set prices in your business:

  •   Understand how to price considering the prices of competition.
  • The effects of applying a fixed percentage across the board.
  • Understand the meaning of perceived value.
  • When a surcharge added to an invoice makes sense.
  • Why understanding your gross margin is crucial.

Tom Maier is the principal for ActionCOACH in Connecticut, a leading international coaching company for small and medium businesses His company provides practical, proven methods to grow profits within a network of more than 300 coaches worldwide.

Tom spent years working for a $100 million estate composed of many small businesses, from hotels and concrete plants to radio stations. Tom also spent 11 years as an executive for the network division of a $200 million telecommunications company. He gained additional expertise working in large plants of a major consumer product manufacturing company and very small chemical industry plants. In each case, he helped the local management in all aspects of the business, ultimately increasing profitability.

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