A short YouTube conversation (Mike Andes and Gilly) advising business owners to raise prices to increase profit margins without major capital investment. The speakers discuss the common fear of losing customers when raising prices and argue that higher margins can fund advertising and other investments that unlock further growth.
You can do this one thing in your business and raise profit margins without having to deploy a whole bunch of capital that you might not have basically.
Just raise everybody's price and we haven't done that right Sometimes you get attached I want to raise price to make more profit but that's coming at the cost potentially of growing more and so when you're in a spot where you feel like man we're just like kind of stalling out most people won't raise their prices because they're like well that's going to be what I need to kind of grow is keeping the customers A lot of times though when you raise the prices the profitability of doing so is what allows you to grow because now you have the money for the advertising for other things that kind of then allow unlock further growth A.
Lot of businesses at this size feel stuck they're not making a lot of profit but there's one thing I want to go over with Gilly because I truly believe.
