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Is your pricing competitive? | Issue #212

Why pricing based on value is better than pricing on cost

Simple question. Is your business making enough money? No? Are your margins disappearing as inflation bites? Maybe it’s time to look at the way you price.

When we start working with them, most clients are pricing on cost. They calculate inputs and add what they think is a reasonable margin. Too often, they have no real idea of what their competitors charge and whether their pricing is competitive in their market. Even worse, there’s no handle on which customers are the most profitable and where they should focus on growing their business. 

As a result, they struggle. We suggest they start thinking differently about pricing. Instead of looking through a cost lens, we encourage them to shift their mindset to the value they’re offering. This can yield incredible results.

Rowing the Atlantic with The Entrepreneurs’ Adviser, Guy Rigby

Are you looking for your next big adventure? How does rowing across the Atlantic sound? Think you’re not fit enough? Too old? Think again. 

Guy Rigby, chair of the Entrepreneurial Services Group at Smith & Williamson, and founder of advisory and mentoring business, The Entrepreneurs’ Adviser, holds the world record for the oldest, fastest man to row across the Atlantic (aged 68), and he’s looking for crews to do the same for 2024, 2025, 2026 and 2027.   

But before we get into that, in this episode of The Melting Pot, we find out why a man in his late 60s would want to row the Atlantic, and more importantly, how on earth did he pull it off? 

Want to learn more? Of course you do! Download and listen today.

At The Table with Patrick Lencioni

Real conversations and practical advice for everyday leaders. Sit across the table from one of the foremost experts in leadership and business. In his simple and approachable style, Pat tackles every topic related to the world of work (and some that aren’t). From culture to teamwork to building world-class organizations, Pat brings his wisdom, humor, and insight together to provide actionable advice for leaders everywhere.

Women leaders are leaving companies at the highest rate ever

Let’s be clear: Women aren’t saying they don’t want to work,” Lareina Yee, a senior partner at McKinsey & Co., tells CNBC Make It. “They’re breaking up with companies because they’re confident they will get an opportunity to advance somewhere else, which is something we haven’t seen before.

Empowering women in the workplace

The gender gap at companies may be narrowing, but there’s still a lot of daylight. Now, we have data to back up what most women (and many men) know at an anecdotal level: according to PwC’s Global Workforce Hopes and Fears Survey 2022, men in the workplace are more empowered than women.

Your Brain Absolutely Can’t Handle More Than 5 Projects at Once, New Science Shows

“A towering stack of studies proves that when it comes to cognitively demanding tasks like writing or strategizing, your brain only has about four hours a day of work in it. Equally convincing is all the science showing how much time and energy it takes your brain to move from one task to another.”

From Vision to Exit by Guy Rigby

There are many differences between a good business and a great business, but they aren’t beyond a business leader’s control. In From Vision to Exit, Guy Rigby candidly explains how entrepreneurs can develop strategies, plans and tactics to get their businesses to the top. With an easy and engaging style, this book is a definitive and practical guide that covers every business area. From strategy to finance, management to marketing, and business planning to exit, Guy leaves no stone unturned. The result is an authoritative and invaluable tool for entrepreneurs seeking to navigate the minefield of successful growth. Find out everything you wanted to know about how to build a great business but never had the opportunity to ask.

Upcoming Events

Scale Up workshop with Dominic Monkhouse – 15th November

We’re inviting 6 ambitious business leaders to come down to the farm for the last Scale Up workshop of the year – a 5-hour session to get away from the noise, work ON the business and leave with the confidence you need to spin uncertainty into success.

Dominic will share his expertise and knowledge along with some great examples of how other successful businesses have made it to the top to inspire you in your own growth journey.

CEO Bootcamp with Verne Harnish & Dominic Monkhouse – 28th-31st March, 2023

3 days to work deeply “on” the business, and address questions that will break open your creative side – in addition to Verne’s one-on-one sessions – is the power of the event. The CEOs and their #2s who participated in last Vail CEO Boot Camp unanimously said that it was ‘the most impactful executive education they’ve experienced’.

Limited offer for 8 CEOs and their #2’s.
28th-31st March, 2023, Lucknam Park Hotel & Spa, near Bath (UK).

Quote of the week

“Expertise is the only valid basis for differentiating ourselves from the competition.”

Blair Inns

Dominic Monkhouse

Dominic offers business coaching and management development, strategy planning and organisational change, using tried and tested methods to launch your organisation onto an unparalleled growth trajectory. His programme is a function of his broad experience, his deep expertise and a proven process used by over 2,700 firms worldwide.

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