Navigating the Future & Should You Put Prices Up
- June 30, 2022
#covid19
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#JulietHull
#JulietHullConsulting
I love speaking to live audiences. A recent opportunity was speaking at one of the regular evenings Amplify (Taupo District Economic Development) hosts for local businesses.
I spoke about navigating the future in times of transformational change.
COVID-19 has impacted most businesses in some shape or form over the past two years … Many are struggling with how to take the next steps to move forward.
The audience asked questions around a topic that’s on many minds: ‘Should I put my prices up?’.
We all know costs have risen and look set to continue to rise, but businesses are unsure if they should pass them on. It’s a valid question – we don’t want to make it harder for customers to buy from us, but we still have to make a living and a profit.
I always like to take people back to the basics:
Have a vision or plan
Where are you trying to take your business? The road is challenging if you don’t know where you’re headed! It also helps in decision making especially when you need to say ‘no’ to stay focused.
Know your business & your numbers
Understanding where your business comes from and where your costs are is key to success. I see so many businesses expending valuable time and money in areas that don’t add value and little in the areas that do.
Focus on the areas that drive your business
Don’t be afraid of the future – the opportunities are vast! Just make sure you have your basics right first.
What is your key challenge as we head into an ever-changing future?
(Watch my video for more thoughts on this.)