The gift of a smart pricing strategy can reward you handsomely when selling your business
Ask yourself this question – how do we know whether we are maximizing our pricing in our marketplace to better enable our profitability?
Too few executives leverage this gift with their business. We always share with our clients that the two best gifts you can give your business are a solid pricing strategy and a solid productivity enhancement plan. When the day comes that you want to sell your business, you can excite a potential acquirer by showing them above market margins you are achieving as a result of smart pricing.
It’s a gift because it’s the quickest path to building profitability. And it’s also a gift because in developing your pricing strategy you will greatly enhance the situational awareness of your team in terms of how your company truly stacks up in the marketplace.
Here are some questions to sit with your team and discuss:
- When is the last time we reviewed our price positioning in the market for each of our products and services to understand how we compare to leading competitors?
- For each of our products/services, do we know if we are priced at, below or above our leading competitors?
- When is the last time we reviewed our products/services offered and how they compare feature & benefit wise versus leading competitors? If we have products or services that provide our customers’ greater value than competitors, does our pricing reflect this?
- Have we leveraged our customer sales data to truly understand the impact on sales when we’ve raised or lowered prices in the past?
Don’t miss out on the gift of pricing for your business. Strengthen your pricing strategy and accelerate building your company net worth.
