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All businesses – my clients and everyone else – worry about their prices. Are they too high? Are customers happy with their pricing structure? How can I get more money?
One of the problems I run into is quality of service. By that, I mean that businesses want to maximize their income. Often, I have clients who ask me, “How low can I drop the quality and still get the same price?” This is based on the assumption that their customers won’t pay higher prices, which is usually total crap. (more…)
All small businesses need a business plan. Most don’t need Profit & Loss statements and multi-stage expansion projections, especially when starting out. You just need something that will fit on the back of a cocktail napkin, and explains briefly what your business does, who your intended customers are, and how you propose to reach them. Plus, as a “scorecard” of sorts, you should look at your current income, and set a goal for the next year. Below is a sample (and simple) outline. (more…)