Raising your businesses prices is often tough to do for many. We're afraid of losing customers. However, if you don't raise prices, then with each sale you could be losing money or "leaving money on the table". The 21 Hats podcast panel discussed this very issue in it's latest episode.
Dane White, owner of Paraleeboyd said her fears were unfounded, all her customers accepted the new rates.
Sometimes you have to raise prices just to keep up with rising costs and not lose money. But also, it's ok (in fact good!) to raise prices to make more of a profit. Seth Godin writes about this here
Loren Feldman, host of the podcast also discussed the aspect of "entitled" employees. Jay Goltz, owner of a picture framing business said that the employees he hires must be focused on the business. He can't hire an employee who he has to make the business fit for. If he's hiring an employee and they tell him they have to leave at 2pm every day, hi won't hire them, if the role requires them to be there until 6pm. Dana White echoed this as well.
Listen to the entire podcast to get insights in how to grow your business, today, during Covid or anytime.
One more thing, Dana opened the discussion with this powerful insight:
The future is gone, and all the business models that depended on it, you need to take your plan and run it through a set of facts rooted in the new reality we are coming to understand. Then ask yourself, ‘What kind of business would you start today?’ Because that’s the only one that has a chance to survive. She attributes this quote to James Feagin, the owner of Projects and People here in Detroit.