21 May 2021

Strategic Pricing Webinar 1

Tourism NI were delighted to announce a new series of Strategic Pricing webinars as part of the ongoing NI Tourism Enterprise Development (TED) Programme.

We worked closely with Tony Haren, owner and director of Admor Business Solutions, to create two bespoke sessions on this important topic.

This first webinar focused on the importance of taking an informed approach to pricing and showed you how to assess and improve pricing structures in your business as you prepare to re-open.

The session was designed for small and medium sized business owners in the NI Tourism and Hospitality sector who want to take a fresh look at how they price their products or services.

We aimed for you to learn the internal and external factors that affect pricing and how to apply them to your business. It was also shown how to self-evaluate your own pricing and learn the benefits of taking a longer-term approach to pricing for your goods and services.

The webinar was interactive with the opportunity to ask questions relevant to your business.

Who attended?

These webinars were for owners of small and medium sized businesses in the NI Tourism and Hospitality sector – sole traders, partnerships, limited companies no matter what your structure or your sector.

The webinars were particularly for Tourism and Hospitality businesses who are preparing to fully re-open and who want guidance and support on pricing your goods and services more effectively. There was a focus on how to set and manage your prices not just for the next few weeks and months but also more long term and strategically.

The sessions were aimed at business owners who want to learn how to use more informed pricing to help you manage and then grow your business over the next 2-3 years.

 What was learned?

This session highlighted the importance of pricing and why a more structured approach to this important topic can improve your business performance. Over the course of the webinar covered:

• Where pricing fits into your overall financial business model.
• How to adopt a more structured approach to pricing in your business.
• How to identify internal factors (cost and supply) and external factors (demand and competition) and apply them to your pricing decisions.
• Some practical tips to challenge your approach to pricing.
• The importance of long-term strategies for pricing your goods or services.
• The benefits of flexible pricing strategies to meet demand changes.
• How to self-evaluate the prices for your own products and services.

The content was carefully designed to work as both a series and stand-alone sessions so, depending on your business need, you were welcome to attended both sessions. 

About our expert speaker

Tony Haren is owner/director of Admor Business Solutions, which he founded in 2004. 

He is a qualified Chartered Management Accountant (ACMA) and Member in Practice with over 35 years’ experience in banking/finance and business advice and is a certified ProAdvisor for QuickBooks.

Tony is a Business Finance Mentor with Tourism NI, a Premium Business Adviser with Enterprise NI and is registered as a Finance Mentor for micro and small businesses with 8 Local Council business support programmes.  He is also a Senior Credit Reviewer with Credit Review Ireland, where his role is to independently review appeals by business owners whose bank loans have been declined.

Tony specialises in providing financial advice and virtual training to business owners and directors from start-up through to growth.  He supports business owners in key financial areas such as bookkeeping; financial management; funding; pricing for profit; cash flow management and strategic planning/forecasting. 

If you missed this session, or wish to watch it again, you can view a recording of the webinar below.