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Tip #124: When is the last time Pricing and Profit Margins have been reviewed?
The subject of raising prices can make a business owner very nervous. But today’s technologies can make reviewing pricing structures much easier, and business owners can look at targeting specific products, services or even certain customers for price increases while remaining more competitive on others. Just look at how the airlines and hotels play that game. Strong profit margins will have a great impact on the value of business when it comes time to sell, so business owners need to take the initiative and have the courage to take action as soon as possible.
