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Episode 182 - Are You Putting Your Prices Up Enough?

By: Richard Buckle on Jul 24, 2026 10:31:42 AM

The SME Growth Podcast
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Pricing is one of the most powerful, and most overlooked, drivers of profitability. In this episode, we discuss why many business owners routinely undercharge, how fear rather than evidence often shapes pricing decisions, and why being busy isn't the same as being profitable. We explore the warning signs that suggest your prices are too low, including winning virtually every opportunity, relying on outdated rate cards, and accepting discounting without understanding its true cost.

Drawing on examples from legal firms, manufacturing, professional services and insurance, we explain how even modest price increases can have a dramatic impact on profit. We also share practical ways to handle pricing conversations more confidently, negotiate without immediately resorting to discounts, and use data to make better commercial decisions. The message is simple: pricing should be a strategic decision, not an emotional one.

You can listen to the full episode here 


Listen to the full episode now

https://open.spotify.com/episode/0f2ySwQHwCU3vUiZLTCsNT?si=4c7UkeV7QzG9v_Kt6gIRawhttps://podcasts.apple.com/us/podcast/the-sme-growth-podcast-by-wellmeadow/id1654715808https://www.youtube.com/@TheSMEGrowthPodcast 

Key Topics Discussed:

  • Why many businesses are charging less than the market will support.

     

  • The danger of confusing being busy with being profitable.

     

  • How to recognise the warning signs that your pricing is too low.

     

  • Why small price increases can produce disproportionately large profit gains.

     

  • The hidden cost of discounting and inconsistent sales practices.

     

  • Why bespoke work often costs more than businesses realise.

     

  • The importance of measuring win rates and pricing performance.

     

  • Practical ways to negotiate without simply cutting your price.

     

  • How long-term pricing discipline strengthens business value and profitability.

 

Who Is This Episode For:

This episode is for business owners, managing directors, commercial leaders, sales teams and anyone responsible for pricing products or services. If you're looking to improve profitability, strengthen commercial discipline or simply gain more confidence when discussing price with customers, you'll find practical ideas you can apply straight away.

 

Quotes to Remember:

"If you're not losing anything on price, then maybe you've got some upward room that you're not realising."

"Almost without exception, customers are very understanding of the fact that you need to earn a fair return for your effort."

"Don't be busy and unprofitable. Something's wrong."

 

 

Actionable Takeaways:

  1. Review your pricing regularly rather than waiting for inflation to force a change.

     

  2. Measure your win rates to understand whether your prices are genuinely competitive or simply too low.

     

  3. Audit discounting to ensure sales teams aren't giving away margin unnecessarily.

     

  4. Test higher pricing with selected customer segments and measure the results.

     

  5. Avoid reducing price without changing the scope, contract length, payment terms or service level.

     

  6. Factor the true cost of bespoke work into your pricing model.

     

  7. Keep pricing and rate cards up to date, with clear review or expiry dates.

     

  8. Use data rather than instinct when making pricing decisions.

     

 

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