Think about the fact that 95% of us aren’t financially able to look after ourselves when we retire and also that 95% of small businesses go out of business after their first 5 years. These are alarming figures.

Why it is so many businesses don’t make it past 5 years? Well there are a lot of different reasons but the one I run into all the time in dealing with business owners is that they don’t charge enough for their products or services to make a healthy profit.

So you would think the simple solution would be to:

'Raise Their Prices'

Seems kind of crazy that a business owner would not charge enough to make a good profit but there are 3 reasons why they don’t.:

1. Costs! They don’t know what it cost to run their business

2. Prices! They think their customers won’t pay higher prices

3. Competitors! :They set their prices according to what their competitors charge

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All 3 of these reasons are complete bull but when a business owner operates in fear this is the way they think.

First off if you don’t know your running cost you deserve to go broke. Get your books in order today. There are any number of do it yourself software programs or you can even use a virtual bookkeeper. If you want to triple your profits you have to know the starting numbers. Myself I love numbers because once I know them I find them easy to double and triple.

Secondly your customers don’t set your prices, you do. I don’t know why so many business people believe the customers set their prices. If you give more in value than your customer pays in dollars you can always raise your prices.

Thirdly never set your prices according to what your competitors charge. So many businesses try to figure out how the competition is selling for so low only to find out they couldn’t and that is why the competitor went bankrupt. You have to be different from your competition so your customers won’t be able to compare prices.

So many businesses are so close to going out of business but don’t realize they are so close to making a fortune as well. Raise your prices and you will be surprised at how dramatically your life will change.