Improve Your Profitability, with Andy Fauver

Fully Invested - Helping Business Owners and Management Teams Maximize Business Value | Raising Growth Capital and Financing; Mergers and Acquisitions; Sell a Business; Buy a Business; Commercial Real Estate Finance; Valuation

Improve Your Profitability, with Andy Fauver hosted by: David Mariano, Director and head of the firm’s Buy-Side advisory practice

Improve Your Profitability, with Andy Fauver

Most business owners focus on cost control and efficiency in order to improve profitability. Although important, is that enough?

In this week’s episode, Andy Fauver, VP of Business Development at Insight2Profit, helps us understand how pricing is your biggest profit lever. Andy’s success has been built over 20 years of experience in strategic planning and new business development with firms such as Ernst & Young, Capgemini and Freedonia Group.

Key questions in this episode:

• Why is pricing as a profitability lever often overlooked by business owners?
• Where are the best opportunities to increase pricing?
• Does it matter who makes the pricing strategy decisions?
• How can your pricing strategy impact market value of your business?
• Where do you start?
• Can these principals be applied to service or project oriented businesses?

Key points in this episode:

• How concentrating on the price side instead of the cost side can improve profitability much quicker.
• How to get over the hesitation of increasing prices (at 04:42).
• The four common elements of a pricing strategy.
• Why building a team of advisors is ideal for creating a pricing strategy (at 16:35).
• Can these principals be applied to service or project oriented businesses?
• How unchecked leakage can effect your bottom line.

Resources mentioned in this podcast

• Pricing Resources from Insight2Profit
• Fully Invested: Growing Sales in a Slow Economy, with Larry Goddard
• Click here for access to training and templates

Listen to Fully Invested below: