Don't change the price without doing this!
Always check at which volumes you will gain profit
Thinking of giving a discount to your product to boost sales? Or do you feel that a slight price increase will bring you additional profit? In the case of a discount one probably assumes that growth of sales will compensate the price drop. As well as while increasing prices a businessman may tolerate certain volumes reduction. And both of them are right, but usually, no one calculates the exact volume that needs to be achieved or may be lost.
We made a few calculators that do this job for you. Just type in your product cost, sales price, and pricing change you’re going to apply.
After obtaining the volumes, watch your sales figures and make sure you achieve the necessary quantities to keep your profit up.