The best way to increase profits is to increase prices from "summary" of The Personal MBA by Josh Kaufman
One common misconception in business is that the best way to increase profits is to increase prices. While it's true that raising prices can lead to higher revenues under certain circumstances, this approach is not always the most effective or sustainable way to boost profitability.
When you increase prices, you risk alienating your customers, especially if they perceive the value of your product or service to be lower than the new price point. If consumers are unwilling to pay the higher price, you may end up losing sales and revenue in the long run.
Instead of focusing solely on raising prices, it's important to consider other strategies for increasing pro...
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