Consider this! 95% of all new businesses go broke within 5 years and another 80% of those still left standing go under in the following 5 years. Now depending on how you look at life it could be a curse or a blessing if it happens to you.

You see once you go broke it makes you a little more focused on how you’re going to buy your next meal. Sad that it takes this kind of wakeup call to get our attention but at least after a bankruptcy we are more open to learning a new way of doing business I hope.

I see so many small businesses just eking out a living and in total financial pain. You know robbing Peter to pay Paul not paying their bills when they are due. Many carry to much debt and are usually one month away from a financial disaster.

These poor chumps always talk the same language as well. They sound like a bunch of parrots and say things such as it is really competitive, everybody is really slow and my business competitors are so cutthroat. They never once consider that the one common denominator of their business problems is them.

So what is one of the small business owner’s biggest sins?

They don’t charge enough to make a good profit.

They do this because most don’t know what it really cost to run their business. Many think the customers won’t pay a higher price or they try to compete on price with their competitors who are under charging and going broke as well.

If you focus on giving good customer service, giving your customer more value than they pay in dollars and be a high touch company you will find it is very easy to raise your prices.

Small business owners get so nervous to try this because they think their customers won’t come back to them. Well let me tell you if you implement higher prices in the proper manner not only will your customers not abandon you but in all cases the business will increase.

Have some faith and raise your prices. This way you are focused on abundance and not poverty and as we all know ‘What You Focus On Grows’.

Posted in Pricing, Create Wealth, Success, Business, Money