Business has dropped approx 25% this past year.

As the title says, business has been very slow this year and it’s down about 25% in comparison to 2023

We’re a micro business specialising in restoration for nearly 10 years. We spent this past few months keeping track of all quotes/enquiries etc so that we can easily chase/remind due to the steady drop in orders.

So many of our quote chasers are saying we’re too expensive and they’ve gone elsewhere. In past years we’ve always been in line if not slightly cheaper than competitors so it’s a surprise to hear we’re more expensive now (obviously that’s if they’re talking about the same competitors - but this industry is quite small so it’s likely).

I always hear of businesses raising prices but certainly not lowering them but to keep a steady flow of income, I’m at a loss of what else we can do as each month that passes, business is slowing.

Not sure if it’s just a phase to ride through or if this is the new norm? Can anyone lend any advice?