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Do you need to make changes to your products' prices, in order to adjust your small business's bottom line? Many entrepreneurs are hesitant to do this because they are afraid of alienating their current customers. The success of your pricing policy depends on how the policy is implemented. Part of this means timing the pricing change carefully, and predicting your competitors' reactions to the pricing change.

According to the new guidelines, a drywall and painting companies that generate up to $14 million annually are considered small businesses, as are children's clothing stores with $30 million in annual sales, convenience stores with $27 million in annual revenue, and liquor stores with $7 million in annual sales.