The current operating environment is a rough one for the business sector. It is no longer business as usual and only the innovative and enterprising business people are going to survive . With a shortage of foreign currency from the formal banking sector and a liquidity crunch, the situation cannot be any tougher. The situation is increasing pressure on the business sector to analyse costing methods as well as pricing. These are two important components in the calculation of your price and your profit as well.
Pricing is one major decision an entrepreneur has to take and this pricing calls for flexibility in order to adapt to a fluid business environment. If you are sticking to old methods of pricing then you seriously risk losing business. You have to adapt and move fast with pricing trends so that you get business in the tough economic times that we find ourselves in.
Some companies are insisting on cash as a method of payment when cash is hard to come by-the result is a loss of business. ZBIN will be covering this key topic on our Facebook Live on Friday as we explore various pricing methods that are relevant to a dynamic environment like ours.
Below we feature a post from Diana Elisha Nheera on pricing. She is a digital marketing professional and a freelance photographer and shares her thoughts on pricing by freelance professionals in her field.
You also meet the young service providers who overrate and overcharge their work much to their disadvantage in a struggling economy. They take pride in telling peers I ONLY CHARGE SO MUCH… They believe their value is increased by exorbitant prices and even go as far as believing potential clients walk because havana mari.. Not at all, things are hard all around, money is not easy to come by, that means everyone is careful how they are spending their every cent. Even big companies have realised this and keep adjusting… Where possible, package such that you serve all budget clients. High, low and medium. Take advantage of the low budget sales as normally those compensate on quantity, but all this without compromising on the quality of service and or product. Invest in some periodic market research and little surveys. The business environment is very dynamic and you cannot afford to be the static one… Grow. Accommodate and Benefit.
