WE ROAR Issue 02 - Flipbook - Page 22
Reassessing the Purpose
Many founders are motivated by a
desire to make a positive impact,
focusing on helping specific groups
of people or addressing societal or
environmental issues. However, it's
crucial to reassess the business
model and ensure they target the
right audience at the right time. This
requires thorough research on
government
initiatives,
recent
statistics about the target group, and
analysis of other organisations
addressing similar problems.
Audit the Pricing
To tackle the pricing challenge,
founders need to evaluate two
aspects:
the
financial
and
psychological elements.
Financially, ensuring that the income
generated covers costs, maintains
sustainable margins, and aligns with
the overall business model is
essential. Building a comprehensive
financial model can clarify whether
the pricing strategy is viable.
Psychologically,
founders
must
consider the 8perception of value9
and understand how customers
interpret their prices.
22
Building a Robust Plan
Beyond pricing tactics, founders
should develop a long-term strategy
and vision for their business - a
SWOT analysis can help with this
process. These will provide a strong
foundation for plans to follow.
Setting clear goals and objectives
allows informed pricing decisions
anchored in facts and reason. By
clarifying where they want the
business to be in the next five years
and understanding the requirements
and opportunities involved, founders
can confidently align their pricing
strategies with their overarching
goals.
The art of pricing is a vital skill for
founders to master to ensure
financial success and sustainability.
By
reassessing
the
purpose,
conducting a comprehensive pricing
audit, and building a robust business
plan, founders can gain the
confidence and clarity needed to set
prices that reflect the value they
provide.
