Why Discounts are Slowly Bankrupting Your Business

Why you should stop giving discounts and what you can do instead.

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The friend and family discount - Everyone wants it. No one values it.
About once a week my business gets the call "Hi, I'd like a quote and I know the owner do you offer any friends and family discount?" These are acquaintances not close friends or family.

......

If you call my business the answer is always a polite "no"

....

We no longer offer any discounts.
However this wasn't always the case. I used to bend over backwards to land every job I could without much regard for margins.
If you operate a service business chances are a 10%-20% discount will wipe out all or nearly all of your profit margin.
The best thing you can do for yourself and your business is politely tell discount hounds "Unfortunately we don't offer any discounts" and you'll find that most people will still use your service at a fair price.
So what can you do?

Offer a level of customer service worth talking about. No one tells their friend about the 5% discount they got. Discounts don't get the respect they deserve. Instead go so above and beyond they can't help but talk about your business.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.

Видео Why Discounts are Slowly Bankrupting Your Business канала Max Maher