Panoramic Academy

When was the last time you raised your prices? Nothing makes a business owner’s palms sweat more than raising prices, but it is a natural, necessary part of business. Instead of focusing on generating more leads and sales, invest time to learn if you are charging the right price.

Here are the top 10 signs it's time to raise your prices:

1. Services are easy to sell, leading to an unusually high closing rate
2. Sales have increased, but there’s nothing new to show for it
3. Difficult to maintain high quality service
4. Unable to attract great employees because you cannot afford to pay fair market value or offer benefits
5. Struggle to pay income taxes on time
6. Borrow money to replace assets or pay for operating costs
7. Unable to save money to fund your growth plans
8. Customers tell you that your ‘company has the lowest price.’
9. Feels like you are in a price war and chasing some competitors to the bottom
10. Other competitors are charging more, but providing less

Bottom line:

- Cash flow starts with prices. The only long term sustainable way for your business to generate cash is based on the prices you charge your customers. That’s why it is so important to charge the right price.
- Yes, it’s good to research your competitors, but it is dangerous to simply copy their prices
- Instead of selling based on price, look for ways to add value by helping your customers see the quality of service you provide

Benefits of team approach to setting the right price

When all departments are represented in the pricing conversation, you’re more likely to
- Create buy-in from all employees
- Reduce tension between departments
- Generate profitable sales
- Improve customer experience

The right price creates a win-win-win for everyone – company, customer and employees.

>>> Link to blog and video in the comment section. Learn who should be included in the process and what perspective they bring to the conversation.

Who’s responsibility is it to set prices?
Is it your responsibility as the owner?
Should your sales team help?
What about your accountant?

Growing a profitable company is a team sport, so consider how the price affects everyone on the team.

If the price is too high, the sales team may have a hard time closing the sale leading to lower sales, profit and cash. Plus, you may experience high turnover in the sales department.

Prices that are too low overload the system leading to employee burnout, poor quality and lower profit. Everyone is busy but there’s nothing to show for the hard work.

That’s why it’s important to find the sweet spot and charge the right price.

The price is more than just a number on a proposal. Setting the right price requires a balanced approach where every angle is considered – goals, marketing, sales, operations and financial.

>>> Link to blog and video in the comment section. Learn who should be included in the process and what perspective they bring to the conversation.

New interview with Randy Crabtree at Tri-Merit!

We had a great conversation bridging the gap between entrepreneurs and CPAs.

👽Accountants are from Mars...Entrepreneurs are from Pluto.
💲 Money decisions are made by everyone in your business everyday.
🛑 Stop leaving all of the money stuff to your accountant

https://www.panoramicacademy.com/blog/tri-merit-interview

Have you ever wondered if you are claiming every tax deduction your business is entitled to?

Watch this short video to learn everything you need to know about tax deductions in less than 15 minutes.

Wow! Last week was so much fun.

3 cities

Over 200 HVAC contractors

Thank you Wittichen Supply Company for inviting Tina to share a few business tips and tricks for operating profitably year round.

It was an honor to share the stage with Rheem, Payzer, Friedrich Air Conditioning and Gibson Media.

Business is booming! You’re busier than ever.

So why is your bank account not overflowing with cash?

Something does not seem right.

Sales increased, but you have nothing to show for it.

You’re not alone…this is a common problem for business.

There are a variety of reasons why your business runs out of money.

You'll be surprised to see how one decision has a domino effect on the rest of the business.

Watch this video to learn the #1 reason that has the most impact on your business.

https://www.panoramicacademy.com/blog/reason-out-money

Why are business taxes complicated?

As an employee, income taxes are withheld from your paycheck. So, it is easy to know how much money you have to spend without worrying about surprises at tax time.

When you make the switch to business owner, it's hard to know how much of the customer's payment should be saved for taxes. Plus, everyone has a different opinion on what qualifies as a tax deduction.

Do you have tax questions like…

- Is there anything else we can do to reduce taxes?
- How does my business affect my personal taxes?
- What can we do to stop surprises at tax time?
- How is it possible for me to owe taxes when I don’t have money in the bank?

Learn ways to simplify tax time at the Tips, Tricks and Tax Deductions seminar on Tuesday, February 7th. Register today -

Tips, Tricks and Tax Deductions Operating a business requires juggling a lot of moving parts. Let’s all admit…dealing with taxes is not one of the enjoyable parts.

Setting the right price is one of the most important decisions you make when running a business.

Here’s why…

Your business only has three ways to generate money:
1. Loan from a bank
2. Investment from the owners
3. Sales from your customers

The first two options are not sustainable long term. Eventually banks will stop loaning money and investors will stop believing in the business.

The only way to generate a sustainable supply of money is through sales.

Sales are driven primarily by volume and price. Volume is tricky in a service business, because there are only 24 hours in a day.

Tada…price is the key to operating a successful business long-term.

When you charge the right price, your company enjoys true profitability. Which means you’ll have the money you need to hire great people, pay bills on time, and cover unexpected costs without borrowing money.

Everything in business starts with charging the right price.

Learn more about setting the right price at our live seminar on Tuesday, January 24th. The link is in the comments.

Art of Pricing The first two options are not sustainable long term. Eventually banks will stop loaning money and investors will stop believing in the business.

Money is a tool you use in your business.

Understanding how money works
- does not make you greedy.
The truth is knowing how money flows in and out of your business is one of the most responsible things you can do. Think of your business as an airplane and cash is the fuel. If the business runs out of cash, the crash will be devastating to everyone on board. It’s your responsibility to make sure the business does not run out of money.

- does not turn you into an accountant.
Here’s the truth…you’re already making money decisions every day. You probably made a few of these today – approved overtime, gave a discount, bought lunch for the crew, or upgraded your phone. There’s a big difference between making a financial commitment (you) versus processing paperwork, paying bills, depositing customer payments and preparing reports (accountant). The money was spent long before the paperwork made its way to the accountant. This is why it’s so important for you to understand how the money stuff works.

- does not require advanced math skills.
Great news! The only math you’ll need to know is how to add, subtract, multiply and divide. You’ve got this!

You’re juggling a million things, let’s mark riding on the financial feast or famine rollercoaster off the list.

Register for our new business classes where we cover everything from prices and taxes to cash flow and profitability.