Stumbled upon this thought-provoking piece from MYOB. It’s called 10 Ways to Increase Your Business’ Profit Margin.
It’s got some really interesting suggestions. This one, in particular, got us thinking:
Yes, I know it can be difficult. But often we business owners are more worried than our customers about price, and, let’s face it, our overheads are going up all the time.
It’s true that you might lose the odd customer, but if your margin is 50 percent, a 10 percent increase in prices means you can lose 17 percent of your customers yet be no worse off!
It’s an interesting piece. Take a look at the rest of it to learn more…
Read the source article at Business Software & Solutions