It's tempting to offer hefty discounts to clients. Whether your choice to markdown your fee is to seduce clients into an initial purchase or acquiring more of your services, price discounting dramatically slows your business revenue.
It can be overwhelming to grasp the many different financial aspects of your business. From basic accounting and budgets to bookkeeping, pricing strategies and taxes (just to mention a few), not many entrepreneurs have time to make sense of the flurry of financial activities. Although we may not comprehend them as well as an accountant, it doesn’t relieve us of the responsibility we have for actively understanding and managing the financial development of our business.
For many small business entrepreneurs, particularly those in the service sector, pricing of services takes on an improvised approach. Minus some sort of structure, many entrepreneurs end up undepricing their services below market value.