In this episode of Money First, CEO, Harman Johnston discusses the importance of conducting annual price reviews. Harman guides service-based businesses, retail operators, and manufacturers on strategies to ensure their pricing reflects increased work, costs, and market conditions over the past year. The episode highlights the impact of scope creep, client growth, rising expenses, and new tools on pricing for service-based businesses. Retailers are advised to factor in supplier price hikes, increased operational costs, and product movement into their pricing strategies. Manufacturers are encouraged to reassess unit costs and material inflation. Harman also addresses potential client pushbacks and offers a practical tool for implementing price reviews effectively. Listeners are prompted to review their pricing structures to remain profitable and are invited to visit https://blubookkeepers.com.au/services/profit-first/ for additional resources.
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00:00 Introduction to Money First, CEO Podcast
01:04 Annual Price Review: A Key Strategy
01:41 Service-Based Business Pricing
03:30 Retail Business Pricing
04:30 Manufacturing Business Pricing
05:17 Handling Client Pushback
05:59 Weekly Action Step: Implementing Price Reviews
06:41 Conclusion and Final Thoughts
