Tips for a better business – from Balance Accountants

3. Don’t try to compete on price

There are very few cases where low prices can be sustainable in the long term.  If you make a sale or gain a contract based purely upon price this year then next year it is quite possible that another competitor will come along and undercut and take the business away from you.  So what do you do then? Well a natural reaction is to reduce your prices further in order to regain the business.  But, as you can see, the end result is a downward spiral in prices until it is no longer viable to provide the product /service.

The alternative is to provide a product/service that is differentiated from your competitors by being better.  By providing better value for money.  That way you won’t necessarily be competing with the cheap and cheerful product/service of your competitors.  You will become known for being the best and customers who are looking for quality will gravitate towards you.

Balance Accountants specialise in helping business owners to have better, more profitable and more enjoyable businesses. If your business is not performing as well as you want it to then you should contact us now.

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