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#AskAnnette, Digital Marketing in Accounting, Financial Strategies

Receipt Scanner App: Digitalize and Manage Your Receipts

June 21, 2021

As a business owner, you will need to document every single business expense that your business conducts

Receipt Scanner App: Digitalize and Manage Your Receipts

#AskAnnette, Accounting Terms for Financial Business Literacy, Business Planning, Xero

Xero vs. FreshBooks

June 17, 2021

Cloud-based accounting has taken a huge burden off of small business owners and sole traders globally. For

Xero vs. FreshBooks

#AskAnnette, Accounting Terms for Financial Business Literacy, Financial Strategies

Xero vs FreeAgent

June 17, 2021

Accounting is vital in all businesses, big or small, whether it is freelance, contractual, or regular. But

Xero vs FreeAgent

#AskAnnette, Cash Management, Money Leaks, Profit First

Profit First for UK Microgyms

June 16, 2021

Wellness and mindfulness have been gaining popularity in the past couple of years. People pay more attention

Profit First for UK Microgyms

a blog featured image entitled Being passionate about your career in business is great and all. It’s a great feeling knowing that you genuinely believe in your cause and the reason for establishing your business goes beyond profits. But while forging your passion and career into one is a dream come true, a business – at the end of the day – is still a business. You need to make money out of it. Otherwise, it’ll be hard to stay afloat. So before even investing a good amount of money on marketing and branding activities, you first need to focus on pricing your services right. Are There Laws About Service Pricing? Yes, there are. There are regulatory laws that aim to standardise the price of goods in the market. And, believe it or not, it’s a much graver offence to “under-price” than to overprice. The term used is Predatory Pricing. It refers to selling goods at a loss to disrupt the status quo in the market, leading other businesses to ruin. The Competition and Markets Authority or CMA largely regulates market competition in the United Kingdom. They protect consumers and businesses from possibly fraudulent and unfair market practices by conducting market investigations to reduce or prevent any breach in anti-competitive laws. Then again, this often pertains to tangible goods. So, how about services? Service-based businesses, on the other hand, have a bit more leeway when it comes to pricing. Online companies, especially, have a lot of grey areas because many B2B industries are relatively new and therefore, there isn’t much historical market data to go around to be used as a reference for pricing purposes. Some service ideas are so new that there are only a handful of competitors in the market. If you belong to this kind of industry, one that’s really new it’s confusing, there are still some ways to determine the right price for your services. By right, I mean a price that’s fair to both you and the customer – a price which you can profit from. With that said, we can essentially break down the “pricing process” to four steps: Determine Who Your Customers Are Study The Competition Self-Evaluate The Value Your Services Bring To Consumers Listen To Feedback A Penny For Your Thoughts With all that said, you have to think about how you can make your business “profit-first.” Actually, there’s a really great book written around it that you can check out. If you’re too preoccupied with more pressing matters that it’s hard to find the time to read, just let me know. I’m a Profit-First Certified Chartered Accountant and I’d be happy to give you some advice when it comes to pricing your product.

#AskAnnette, 6-figure business, 7-figure business, Business Mindset, Business Planning, Product Pricing

How To Price Your Services To Make A Profit? : Service Pricing

June 15, 2021

Being passionate about your career in business is great and all. It’s a great feeling knowing that

How To Price Your Services To Make A Profit? : Service Pricing

a blog featured image image entitled Should You Hire an Employee or a Contractor? Here Are the Things You Need to Look Into

#AskAnnette, Business Goals, Business Planning, Financial Strategies

Should You Hire an Employee vs Contractor? Here Are the Things You Need to Look Into

June 14, 2021

Let me start by saying that I believe that if you want to scale your business, it

Should You Hire an Employee vs Contractor? Here Are the Things You Need to Look Into

a blog featured image entitled how do you digitalize receipts in easy steps

#AskAnnette, Business Planning, Cash Management, Digital Marketing in Accounting, Financial Strategies

4 Easy Steps to Digitalize Your Receipts

June 11, 2021

Receipts carry the data required for trade. Much of it is either on paper or in semi-structured

4 Easy Steps to Digitalize Your Receipts

a blog featured image entitled about startup marketing guide with a picture of annette

#AskAnnette, Business Mindset, Business Planning, Financial Strategies

Startup Marketing Guide: Some Important Things To Have For Your Business!

June 10, 2021

Do you want to start an online marketing business but don’t know where to start? Are you

Startup Marketing Guide: Some Important Things To Have For Your Business!

#AskAnnette, Business Planning, Cash Management, Financial Strategies, UK Business

What The Banks Are Looking For When You Present Accounts For Lending

June 9, 2021

Applying for a loan is not always a bad venture. One way or another, you are going

What The Banks Are Looking For When You Present Accounts For Lending

a blog featured image of annette about the topic of vat refund

#AskAnnette, Business Planning, Cash Management, Tax & VAT

How Long Does It Take For HMRC To Pay My VAT Refund

June 8, 2021

Nobody likes to be saddled with taxes, but that is the way of life. Every economic activity

How Long Does It Take For HMRC To Pay My VAT Refund

a blog featured image with a title about building your business profit plan with Annette and the profit first book

#AskAnnette, Financial Strategies, Money Leaks, Profit First

Six Simple Steps to Build Your Own Profit Plan

June 7, 2021

You can ensure that your business is going in the direction you want it to go by

Six Simple Steps to Build Your Own Profit Plan

Annette Ferguson's banner picture for a blog post with a titled about what is vat flat rate scheme

#AskAnnette, Accounting Terms for Financial Business Literacy, Cash Management, Financial Strategies, Tax & VAT

What is the VAT Flat Rate Scheme?

June 2, 2021

Her Majesty’s Revenue & Customs (HMRC) Value-Added Tax, VAT Flat Rate Scheme has existed since the 2002

What is the VAT Flat Rate Scheme?

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Receipt Scanner App: Digitalize and Manage Your Receipts

Xero vs. FreshBooks

Xero vs FreeAgent

Profit First for UK Microgyms

How To Price Your Services To Make A Profit? : Service Pricing

Should You Hire an Employee vs Contractor? Here Are the Things You Need to Look Into

4 Easy Steps to Digitalize Your Receipts

Startup Marketing Guide: Some Important Things To Have For Your Business!

What The Banks Are Looking For When You Present Accounts For Lending

How Long Does It Take For HMRC To Pay My VAT Refund

Six Simple Steps to Build Your Own Profit Plan

What is the VAT Flat Rate Scheme?

Attend the Next Wealth Lab Workshop for Free

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