SME Winter 2023 Survey: Insights on Pricing Strategies for UK Start-Ups + Scale-Ups | Free Download

As a start-up, scale-up or SME founder, you're well aware that pricing plays a crucial role in determining the success of your business. In the face of the cost of living crisis, many UK SMEs are struggling to maintain profitability and sustain growth. The latest KPI from the British Chamber of Commerce Quarterly Economic Survey Q4 2022 indicates that the number of firms expecting to raise prices has been at a record high. However, with inflation starting to ease, this KPI has started to ease as well. In this blog, we delve deeper into the pricing strategies of UK SMEs over the past year and explore what they anticipate doing going forward.

Insights from the SME Winter 2023 Survey Report

My survey reveals that only 15% of firms surveyed said they’d increased prices this year in line with how much their own costs had risen. Many are keeping a watching brief on this before working out what to do next, with just over a quarter of respondents in our survey uncertain about pricing going forward.

A lack of confidence in forecasts for profitability in UK SMEs for the year ahead is underpinned by the fact that revenue forecasts are more positive than profitability forecasts. This indicates that businesses are struggling to balance the need for increased prices with the risk of losing customers due to a lack of affordability.

How Fractional Small Business Execs Can Help

Navigating these challenges can be overwhelming, but with the help of a fractional small business exec, you can optimize your pricing strategy and grow your business. Fractional small business execs are experienced business leaders who can provide you with the expertise and guidance you need to make informed decisions about your pricing strategy. They can help you assess the impact of inflation on your business and identify opportunities for growth.

The cost of living crisis has put UK SMEs under pressure, with many struggling to balance the need for increased prices with the risk of losing customers. However, with the help of a fractional small business exec, you can optimize your pricing strategy and grow your business.

Download my SME Winter 2023 survey report for free to gain valuable insights into the impact of inflation on UK SMEs and learn how fractional small business execs can help you navigate these challenges. Contact me today to learn more about my fractional small business exec services and take the next step towards optimizing your business for success.

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