Kids are back to school next week.If you have children in private school, that big invoice for the first term will be due for payment. Bank of mum and dad is set for an assault yet again!As much as private education is an investment into a child's education and future, the p...
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Let’s start with one of the most profound principles in the field of pricing.  And that principle is, different customers value things differently. We all value things differently.  We all have a different perception of the value of any product or service.  ...
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Pricing is always complicated with the presence of competitors.  You have to consider the quantitative effect on your sales arising from any change your competitor might make to its pricing, and how a competitor will respond when you change your pricing. If your competi...
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When you look at the most successful businesses in any sector, whilst there may be one or two that are successful using a low-price strategy, the majority are premium high-priced businesses, such as Apple, Starbucks and Disney. Despite that, and even if you acknowledge that ...
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One of the biggest problems is discounts being given by employees and sales people indiscriminately.  Very often they are given with little or no senior management involvement or authorisation.  There needs to be better systems, training and communication. If you ...
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What cost takes up the biggest share of the annual sales of almost every business (and it doesn’t appear in your annual financial statements)? Price discounts. Annual financial statements for any company report sales net of discounts and promotions.  That means the co...
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There are really only two pricing strategies: Low-cost leadershipHigh-price differentiation Everything else just falls somewhere in the middle. In fact, most small businesses don’t have a pricing strategy.  They often use what I call, emotional pricing; reacting to gu...
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It's All A Big Lie

July 5, 2019
When I tell business owners they need to put their prices up they usually say, “You just don’t understand.  My customers are price sensitive!” There is a perception that most people are price sensitive.  It’s one of the big pricing myths. There certainly ar...
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If you already own or are looking to buy commercial property then you should consider it.Residential property cannot be held in a pension so if that's all your investing in then the rest of this article will be irrelevant.Most people when they think about 'pensions', the big...
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The default position is that the activity of renting out a building is considered an 'exempt supply' for VAT purposes. This means that VAT doesn't have to be charged on rents but conversely, VAT cannot be reclaimed on expenses incurred.As far as residential lettings are conc...
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