Prices are rising fast, for everything, everywhere. It’s never been more important for businesses to know their numbers as costs rise and profit margins shrink.
How do you maintain your profit margins?
It’s not as straightforward as simply increasing your prices. And, tempting as it is, cutting costs by cheapening your product or service could be the worst thing you ever did.
Learn the lesson of cost versus value
Cheapening your product or reducing your service standards to protect your profit margin might take cost away from your customers, but you’ll also be in danger of taking away the value.
This can typically include...