On a trip out to a Private Hospital this week, there was one very clear lesson for all business owners, in this case being that Pricing is paramount, whatever our business.

Watch this to find out why it was so evident, and what you should do about it!

Transcript:

Hi, and welcome to another episode of BaranovTV, designed to demystify the world of accounts and tax, and to help your business grow.

Today I’m at the Chiltern Hospital in Great Missenden, which is a private hospital. I’ve just come out of an appointment, and I was really surprised, as always, at how light and airy and clean and modern the hospital is.

• The receptionists have all got time to have a chat.
• I’ve been and had an X-ray straightaway, and everything is just so easy.
• Parking was a doddle because there’s plenty of free parking, and it’s in beautiful grounds with lots of flowers and plants and everything else.

I’m not here to debate the politics of private medical as compared to the NHS and how harried and stretched the staff and resources within the NHS are.

But it made me think about the fact that private medical hospitals can do what they do really well.

The reason that they can do that is because they charge, and because they’re charging the right amount.

In businesses, it’s really important that we make sure that we’re charging the right amount too.

So many business owners try really hard to keep their prices really low, and by doing that, what they’re doing is they’re making it really difficult for themselves to differentiate themselves, and to offer their customers anything more than the bare bones of the service or product that they’re offering.

By charging more, you can actually do more, and you can tie your customers and your clients closer to you.

You’ve got more leeway to be able to go that little extra bit, to really make a difference to how they feel about you and the service or product that you’re providing.

So my message this week is simple, is really just to make sure that you get your pricing right.

Work out what you want to achieve and what you want to do, and work out that what you need to charge to actually get to that point. Don’t come down just on a battle over price because if you do that, it is purely just a race to the bottom.

Pricing is really, really important, and you need to take into account what you actually need to get out of your business, but also what you want to be able to put into it for your customers and your clients.

So if you need a hand with it, as ever, we’re here to help. Please do get in touch.

Otherwise, I leave you that thought and I’ll see you all very soon.