I run Stinky’s Laundry in Provenza, Medellín, and I was sure I knew my market. Then Mr Herzig put our prices next to those of every laundry in our area. The result was clear: we were about a third below the competition, even though we work faster.
Raising prices was the hardest decision since I started running the shop. I was genuinely afraid of losing my regulars. In the end, what convinced me was having the numbers in black and white. Almost all of our regulars stayed, and our profit rose 37 % in the first month after the price change.
The report from Herzig Advisory is extensive, but nothing in it is boilerplate. Every page is about my shop, my customers and my competition. If you run a small business and feel you are working below your worth, have it looked at properly. I would do it again any time.