We’re in business to have a business, which means making sure it’s profitable year over year. And even better is when your business grows over time–either slow and steady or more quickly.
Like anything in life, you get back what you put into business. If you nurture it with the right actions and tools, it will flourish. If you ignore parts of it, you’ll struggle.
This is a guest blog post from Howard Polansky of Cash Flow Coach.
Raising your prices is not about greed. It’s also not about inflation, though it does help offset the rising cost of pretty much everything these days.
The true reason to raise prices is two-fold. First, it allows you to work with the people that you prefer to work with because they seem to be the easiest to work with and understand the value you bring to their lives. Second, and more importantly, by weeding out the fringe, you will have more time to think of how to be even more productive without killing the business. Does this sound crazy? I hope so, but I can back this up.
If you’re like many business owners, you’ve just closed up your books from last year, sent 1099s, gathered all your tax information, and now you’re staring down the calendar wondering when you’re going to have time to do your taxes.
Sound familiar? No one said taxes was fun but I, for one, am anxious to get mine done as soon as possible. Why’s that? Because I use the Profit First system and I have all the cash I need (and more!) saved to pay my taxes.