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The pricing of your product or service is a key element in determining the profitability of your business. However it is not always easy to get it right. How do you make sure that money ends up in your pocket and you avoid those endless sleepless nights?

One of the most controversial decisions for almost any business owner is whether to post pricing information on their website. Traditionally, business owners have been inclined to keep this information off their websites – but is this a fundamental error?

There are lots of reasons to review and increase your prices at regular intervals - it's a normal part of business. Effective and fair pricing helps grow customer loyalty and relationships. Fact! Steep pricing hacks are going to turn customers away so you've got to be more sassy and subtle in the way you raise prices. Small pricing hacks can be beautiful sometimes! The important things are to know your customers, know your industry, and experiment until you find a fair pricing level that works best for you and your business, without alienating customers.

You'd like to ask your customer straight out - how much money have you got to spend? It's not perhaps the most tactful or advisable question and the answer is one that the customer would be pretty foolish to reveal. They know that you'd tailor your product or service around that declared budget, even if you knew that the real cost would be considerably lower. Good for you perhaps but a nightmare scenario for the client, harbouring resentment and a bad reputation for your business. You'd definitely not be offering value for money and will soon be found out.