Business Development & Marketing General Rescue, Restructuring & Recovery Turnaround

Learn to say “no”

Most of us love a bargain but it can be a false economy if the lower price means reduced quality.
From the business perspective it can be tempting to reduce prices in order to win orders when trading conditions are challenging.
I’m seeing a lot of businesses agreeing to cut their prices, but equally a lot of them are walking away.
Why are they walking away? Because they are not prepared to compromise their own business models by acquiescing to that kind of pressure, especially if they have confidence in the quality of their product or service and have done the research to pitch a fair price that gives value for money.
A good business will only take on work on terms and at prices it feels comfortable with.  A bad business will succumb to pressure.
It’s better to grow your margins than to grow your business, in my view.  What do others think?