My view: if you can... put prices up, lose the pondlife and work less.
Michael Porter (not my favourite academic) as I have quoted before, on the subject:
“Cutting prices is usually insanity if the competition can go as low as you can”
And here's some numbers to back up my case...
- I have polled 2,000 businesses over the last six months and roughly 10% have put their prices up in the last three months.
- Not one has reported a loss in profits… the customers they lost were the pondlife, the problem clients they didn’t want in any case. They never lost their best!
Hmm… food for thought. It takes bottle to put your prices up, especially now. And what would happen if you put your prices down? As they say in the States, "Do the math!"