13 Apr Now the first quarter is done, it’s time to do this in your business…
Now is a great time to review your year so far, and especially to review the key financials in your business.
By key financials, I specifically mean revenue, expenses and profit, but of course, you can add in anything else you feel is relevant and useful.
The first quarter of 2023 is now complete and you need to understand how your business is performing. Understanding this will enable you to better plan for the next quarter and take more effective action.
You may have a report you can easily download from your accounting software, you may have a spreadsheet set up to track these numbers already, or you may just need to get out a piece of paper, a pen and a calculator and work them out now!
It shouldn’t take you long to do this but – trust me – it will help to make you more productive and make better decisions going forward.
It’s already been widely reported about the various price increases in April hitting lots of households, and I’d bet your business has been similarly impacted too, with a rise in costs reducing your profit.
One way to counter this is to increase your own prices.
When was the last time you increased your prices? If you’ve not done so within the past year then you definitely need to review this now.
Some people shy away from it, thinking they may lose business, whereas actually there can be no better time to increase prices than when everyone else is too.
But firstly, make sure you have done the first exercise to review your key financials. You’ll need this information to make a decision on any price increases and what they should be.
The last thing you want to do is to put in a small increase now and then realise next month it wasn’t enough!
If you want some help understanding where to set your pricing and how to communicate changes, you can book a complimentary pricing strategy session with me here.
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