March’s theme is Pricing

March 18, 2007 at 12:54 pm Leave a comment

The first quarter of 2007 is dedicated to business money. January we looked at other ways to bring in money to our businesses. February we looked at cash flow – increasing it and this month, March is about pricing.

There are 2 mistakes many business owners make about pricing.

1 They don’t calculate all their costs, so they don’t have an accurate starting point

2 They aren’t strategic about their pricing.

Here’s a story about a gift shop in the American South West. Just before the owner left on vacation, she wrote a note to one of her staff instructing the staff member to cut the price of some slow moving jewelry in half to clear it out. When she returned, she saw the empty case and asked how the sale went. The staff member said, “Sale? I thought you said to double the price. When I did, the pieces moved like hot cakes.”

Strategy in pricing is an important way to position your business and reflect the value you offer your customers.

For more information about the local chapter see


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March 7 Pricing for Success Branding

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The Three Success Factors

I have worked closely with 100’s of business owners and I have seen too many struggle. I have seen what works and what doesn't.

It takes 3 things to succeed:
1. Hard work - and I know you do that already.
2. Knowledge - domain knowledge: you've got that and continue to learn; and business knowledge: this is where everyone focuses and it's easy to find
3. Mindset - This is the killer app. This is what makes or breaks small business owners.

We work on Mindset here at the Business Owners Success Club: how you think about yourself and your business.

When you focus on a business that gives you what you need to live a Good Life and gives others what they need to solve a problem, everything else falls into place and you have a successful business.

Using that as a framework we work on one aspect of business every month. February is "Your Place in Your Community" month.

In March we will open the doors to our online community. Stay Tuned.

Sign up here to play along.


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