Apr 07 2023 18 mins
In this episode, I discussed the current economic climate of slow wage growth and high inflation leading to the cost of living crisis situation. You will hear how this impacts businesses and why it is essential to understand the situation even if you are in a B2B environment.
I suggested ways to navigate pricing and revenue strategy in a declining economy, such as cost-cutting, reducing waste, and streamlining processes to be more efficient with operations.
Additionally, you will learn to assess the value stack and different pricing points to provide options for price-sensitive buyers. I highlighted the importance of value-based pricing, even during tighter economic times, and suggests an exercise to help businesses understand the value they deliver and how it links to price.
Finally, find out the importance of being transparent with pricing and communicating any price increases to customers or clients.
Overall, this episode provides practical tips and strategies for navigating the cost of living crisis in a business, ensuring profitability, and delivering value to customers and clients.
Resources:
If you’re struggling to understand the accounting for your business, reach out to Annette at [email protected] and join our Facebook group https://www.facebook.com/groups/915326342418247.
To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.
Connect with Annette Ferguson:
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Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -