To the right is a short video case study where Marcus Lemonis consulted with a restaurant called The Purple Pig. The business is extremely busy, but its price point is significantly lower than competing businesses in the same area. Lemonis suggests increasing prices by $1 for most menu items, which would still leave it with a competitive price advantage. By doing so the business would add $300,000 in revenue that would drop straight to the bottom line. That may sound like a no-brainer, but I'm surprised by how many small businesses I encounter who have not increased prices in years and are priced lower than competitors yet offer superior quality and service.
Check out The Profit on CNBC - many of the problems that Marcus Lemonis addresses on the show are common. Perhaps seeing how other businesses have been fixed, will inspire you to make changes to your business. If your business has been in operation for at least two full years and has more than $1 million in annual sales, and you'd like help in identifying issues that you can work on that may be negatively impacting marketability and value, Codiligent offers a free Marketability Assessment. Contact us at 888-324-5888 to learn more.