Govt again 'letting poor down, badly, callously, obscenely' says John Maytham
[VIDEOS] Police spray Sassa grant queue in Bellville with water cannons
'Eskom has again been grossly caught with their pants around their ankles'
Ramaphosa: We've learned from the PPE scandal, vaccines will be better managed
Can you get a new South African passport right now?
'Thank you Mr President for not shutting us down, but we need more support!'
Economy in 2021: 'Expect a better year for South African assets'
Retirement funds in SA are changing – new laws come into effect on 1 March 2021
Germany Covid-19 death rate now higher than US - considers 'mega lockdown'
Strained love relationships during Covid? Try to hang in there advises therapist
John Maytham's Book Reviews: 15 January 2021
Don't fall for promises of high returns from latest investment scam, warns FSCA
Rachel Kolisi has Covid-19. It is taking a toll on the kids, says Siya
Jurie Roux ordered to pay back R37m ‘misappropriated’ from Stellenbosch Uni
'What a moment of joy!' Siya pays surprise visit to fire-ravaged Masiphumelele
DJ Fresh and Euphonik silent on 'drugging and raping' allegations
Trevor Noah drops R412m on luxurious Bel-Air mansion - take a look inside!
Tributes pour in for Safta-award winner Lindiwe Ndlovu
Welshman offers local govt £50m reward to find fortune he tossed on rubbish dump
Covid-19 working from home spawns new virtual team-building trend
Telegram now counts 500m active users. 'People are rebelling against Facebook!'
Chinese businesses and Namibian elites get rich illegally logging rosewood trees
Zimbabwe crisis: 'South Africa can intervene but solution lies with Zimbabweans'
Immigrants are net creators of jobs in South Africa, research confirms
'Disabled South Africans are sleeping on pavements outside Sassa offices'
Anoj Singh fails to testify at Zondo Commission - despite it being mandatory
Santam limits Covid-19 'business interruption' pay-outs to 3 months' losses
Setting prices is an art. But it’s also a science. Here’s how to do it…
Small business guru Pavlo Phitidis (he’s the founder of Aurik Business Accelerator) received the following direct message (DM) on Twitter from a regular listener of Bruce Whitfield’s The Money Show:
The pricing game is emotional... Suppliers raise prices and you forced to decide:1-do you segment and risk alienating the very people you want to be serving 2-Run at a loss until economies of scale kick in and you can negotiate a better bulk cost price. HELP!!!
— Sbu Mkatshwa (@sbumkatshwa) July 25, 2019
In answering the DM, Phitidis explained the three levers that go into price-setting:
-
How to set it
-
How to sell it
-
How to maintain it
Price-setting is a science and an art.
Listen to the interview in the audio below to learn how to temper your emotions when setting prices.
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
This article first appeared on 702 : Setting prices is an art. But it’s also a science. Here’s how to do it…
More from Small Business Focus
No such thing as 'no time' for a side hustle! 5 tips from a serial entrepreneur
'It's a priority problem!' Nic Haralambous shares his tried-and-tested time-organising tips to increase your income in 2021.
Read More
Lockdown destroyed 42.7% of small business in South Africa – study
It’s heart-breaking; the results of a study by Finfind and the Department of Small Business Development.
Read More
South Africans preferred buying from small businesses this Black Friday - data
The Money Show’s Bruce Whitfield interviews Katlego Maphai, CEO at Yoco, SA’s largest independent mobile point-of-sale provider.
Read More
Not ready to become an entrepreneur but you have a brilliant business idea?
'Ideas are currency, but execution is wealth.' Pavlo Phitidis has advice on how to monetize and also protect your idea.
Read More
'The businesses growing fastest during the pandemic are those that simplified'
Time is the most precious commodity in the world. Business owners must learn to 'manufacture' time to thrive says Pavlo Phitidis.
Read More
How to optimise cash flow and reduce interest charges
Absa’s working capital management solutions help businesses successfully manage their cashflows and working capital.
Read More
Nando’s ad agency M&C Saatchi Abel built a behemoth while the economy declined
Mike Abel (author of "Willing & Abel: Lessons from a decade in crisis") on how to build a business when the economy is shot.
Read More
Small Business Focus: Onion peeler lessons for SMEs
Pavlo Phitidis tells more about a strategy that he has been using for years and how to apply this in a business.
Read More
Wealth strategies for small businesses - income or equity?
Income or equity – what is the difference?
Read More
Positioning your business for success
Positioning your business for success - what does this phrase even mean?
Read More
Highlights