Putting up a website can be a great way to promote a small business. Just make sure you keep it up to date. The owner of a restaurant in New Zealand pleaded guilty to violating the Fair Trading Act and received a fine of $3,000 for leaving old (considerably lower) prices on the website while changing the printed menu. (See more here.)

Most larger companies have automated mechanisms to maintain price consistency across channels– often at the cost of much time, effort, and money. For small business owners, especially those who want an internet presence but don’t have the computer savvy to maintain their own sites (and often can’t afford to retain someone to do it for them), this can be a problem.

The pricing process must include both price communication and price setting process. What really matters is how the customer perceives the price– not how you perceive it in a meeting or a spreadsheet.

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