Is Your Finger on the Pulse of Pricing?

With supply costs constantly rising, it is vitally important that you're keeping tabs on your own pricing and considering the need for an increase. This is not only necessary to keep your business sustainable and profitable — each pound increase goes straight to the bottom line — it's also important that you are reflecting the true value of your products and services.

Ask yourself: when was the last time a customer or client complained about your price?

If you answered "often," it may be that your pricing is actually correct. Possible reasons include not communicating the value clearly enough, not truly understanding what your customer wants, or not delivering on what you promised.

If you answered "never," the chances are that your pricing is too low. It's a well known saying that if customers are not negotiating on your price, you are too cheap.

Pricing is never an exact science, but if you are at either extreme, you need to take action — and soon!