Posted: Fri 15th Oct 2021
What is the point of having a wonderful product if you are unable to price it to the best possible effect?
Here at Enterprise Nation, we have several superb advisers who are able to provide wonderful resources, support and advice when it comes to pricing. Here are five who you can speak to today:
1) Veronica Broomes
An absolute specialist in the world of pricing, Veronica has been providing expert advice in this area for over a decade.
In her own words, Veronica helps SMEs grow profit through:
Choosing best strategies for pricing and avoiding common mistakes in price setting, and
Conducting sustainability audits, action plans, policy statements.
Alongside her content on Enterprise Nation, Veronica also boasts an impressive array of services:
2) Surekha Aggarwal
If you’re looking for someone to guide you through the complex world of finance—both business and personal—then Surekha fits the bill.
As a chartered accountant and consultant, with over 30 years of experience under her belt in the industry, few possess the knowledge and expertise of Surekha in this sphere.
Her flagship service: Price your Pitch, Profitably, will shed light on how to get the right price for your goods or services, and will ensure you’re unlocking great value for your customers in no time.
3) Catherine Erdly
As one of Enterprise Nation’s most active and popular advisers, Catherine’s expertise in the world on pricing are oft sought out.
Boasting a career of spanning over 20 years in the product business industry, Catherine has become one of the go-to advisers for small business owners looking to effectively price their products.
Check out two of Catherine’s very best pricing resources:
As founder of The Resilient Retail Club, Catherine has carved out a reputation which has seen her become an authority in this area, so be sure to contact her for any of your pricing needs!
4) Martin Knowles
Should you want to speak to somebody who is part of Enterprise Nation’s School of Sales programme, then Martin could be the adviser for you.
Martin has spent his life specialising in sales, and considers pricing an absolutely integral part of any business plan, so it's unsurprising he has the demonstrable ability to “deliver price increases that deliver your net profit growth.”
Make sure you don’t miss any of Martin’s upcoming School of Sales events:
Don’t forget to also check out his past events:
5) Jonathan Ratcliff
Finally, we’ll leave you with the thoughts of Jonathan, director of JMR Sales & Consultancy, who is an Enterprise Nation adviser with a deep knowledge all things pricing:
“When preparing a price for any good or service it is vital that you understand your costs and the way that they can be accounted for. If like me you are providing a service on a day-by-day or even hour-by-hour basis, then you can assess the costs that an employer would have to pay in accordance with your expertise - but don't forget about those 'hidden costs'. Certainly, if you drive to your client, you can charge them mileage to offset that.
“But what about your printer, accountancy fees, membership costs, marketing and so on? Where are they in the costing process? The answer is often to ask for advice. This can come either from your accountant (an essential ally in the early days) or fellow entrepreneurs who have gone before you. A mentor is also a very good guide.
“The same principles are applied if you are providing products. Have you bought well enough to ensure that you can cover all of your costs (shipping, tax, packaging, storage etc) and still make a profit?
“Once you understand costs, it is vital that you make a margin, otherwise you are essentially just covering your costs. Without profit, we are simply working for other people which is NOT why you started your own business.
“The other way in which you can gain confidence in your pricing is by doing market research BEFORE you start up in business. Is someone else providing a similar product or service? If they are, what are they charging, and will you be able to provide something better at similar pricing?
“This again, is where many start-ups fail. If you are not going to provide better value than the incumbents, why should customers change to you?
“My final point is this: if you are trying to undercut your competitors and use price as your primary point of difference, it is rarely a sustainable point of difference. A race to the bottom is not one that you want to win because margins get squeezed, only benefitting the customer (but not your bottom line).
“Therefore, it is essential to do your research beforehand and be very clear your 'walk away' price is. This should be the price that covers all your costs and allows you to make sufficient profit to keep body and soul together. Anything less than that is a loss.”