One of the most common problems I come across amongst SME business owners (and, in fact, businesses of any size) is deciding how much to charge customers for their products or services. This problem is just as prevalent in MiP businesses as it is in other SMEs.
As we know it’s an important problem to solve as it can make a huge difference to how profitable a business will be. Price too high and you won’t find customers. Price too low and you won’t make money – and perhaps put off potential customers because you are too cheap.
You may well ask how can a service being cheap put off customers? Well, if you are advertising a high quality offering to customers (which as accountants I hope that you are), but pricing too low, they will not trust that it actually is high quality.
Confidence plays a huge role in pricing. MiPs will often price too cheaply because they are not confident enough to ask for what they are worth. If you fall into this category it is important that you spend time thinking about how you can get over your confidence issues.
Pricing is such a fundemental skill for all business owners, that I have decided it will be the topic for my first business owner masterclass on-line course – which is now available on the Qintil learning platform. (https://courses.qintil.com/Courses/MiPsmeanbusiness/business-owner-masterclass-pricing)
Incidentally, I have come to think that online learning is a great way of sharing expertise to a wide audience. The tools available to help create an engaging and effective learning experience are getting better and better.
If, like me, you have been in business for a long time and now feel you have want to share your knowledge with an audience wider than your immediate client base, how about having a go at creating your own online course?
Personally, I use a tool called Easygenerator. It is very easy to use and you can upload videos and audio files as well as the usual written content. You can try it out for free and see if you like the quiz templates provided and the format of the courses.
I have certainly enjoyed playing around with what I can produce for business owners who need inexpensive help in key areas of their business finances.