Here's a scary statistic: one-third of new businesses close their doors within 24 months. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Beyond that, more than half of new businesses will shut down within 5 years. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Why? ⠀⠀⠀⠀⠀⠀⠀⠀⠀ One in five close down because they don't have their pricing strategy sorted. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ So, here's a personal question – do YOU have a pricing strategy? ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Last week I was talking to my #businessmasterclass students all about the importance of making sure prices are set based on a formula and not defaulting to an emotion. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ And, on this week's episode of the podcast #forflorists, I'm going one step further – sharing with you why discounting is a bad idea. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Actually, I would go far as to say it's a really really really bad idea. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If you're in your first 1, 2, 4, 5, 10 or 21 years, there is no reason at all you should be positioning yourself as the lowest cost provider. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Do you know who SHOULD be pitching themselves as the lowest cost provider? ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Coles, Walmart, Costco. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Businesses with massive buying power and the ability to negotiate directly with the growers. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ You and me? We ain't got that kinda power. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Nope. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ We just don't. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Here's the thing, if you're looking to get customers through the door with cheap prices, they'll walk away as quickly as they showed up. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ You want to find and attract customers who care about YOU. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Yes. YOU. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Listen in on today's episode if you're keen to hear more about the ins and outs of why you DON'T want to become a statistic and why you need to set your prices properly.