Home topics small-business-resources Image Credit” Alberto Bigoni on Unsplash Advice Small Business Advice When did you last review your pricing strategy? Jenn Donovan November 24, 2021 If you’ve just answered blankly, “what pricing strategy?” then read on! You see, some retailers that we come across look at their pricing strategies biannually, some annually and some NEVER. But the reality is, your pricing strategy is a liquid document that needs to be looked at on receiving EVERY SINGLE INVOICE – yes, EVERY SINGLE INVOICE. Why? Well, not only because wholesalers have in their conditions of sale that prices can be changed without prior notice (and you probably don’t notice!), but freight charges change, your business’s fixed and variable costs can change and frankly, your buyers change too! So, this is why we say, “every single invoice!” – so you keep an eye on changes, and you stay as profitable as possible. Because let’s face it, we all love being in business, but we are in business to make money at the end of the day. So, again, when did you last look at your pricing strategy? When calculating a retail price for your stock, do you take into consideration, for example, GST Freight (inwards and perhaps even outwards if you sell online) Fixed costs such as rent or rates Packaging prices – bubble wrap and tissue paper has a cost too! Variable costs such as wages (staff and your own), electricity, phone What your profit goals are for the quarter/year and