Posted by: Rohit55 November 20, 2017
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I have a small business and I have used this mantra or formula to my advantage.....may be other small business owners can also look into it..
For any business owners out there and others who want yo get into the world of entrepreneurship, please remember this mantra...or understand this mantra (your apartment owner uses it in major cities, coca cola does, Gillette shaving kits they do and many others)....do.....Toll bridge they do and so on...
Even in small businesses this mantra is highly effective at the right location....
The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview released by the panel last week. “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”
http://www.pros.com/about-pros/news/buffett-says-pricing-power-more-important-good-management/
For any business owners out there and others who want yo get into the world of entrepreneurship, please remember this mantra...or understand this mantra (your apartment owner uses it in major cities, coca cola does, Gillette shaving kits they do and many others)....do.....Toll bridge they do and so on...
Even in small businesses this mantra is highly effective at the right location....
The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview released by the panel last week. “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”
http://www.pros.com/about-pros/news/buffett-says-pricing-power-more-important-good-management/