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Hints and Tips | Inappropriate pricing


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Inappropriate pricing

Do your prices cover your costs? Unfortunately, many entrepreneurs don’t know for sure.

It’s common for small businesses to price their products and services based on what competition is charging. But that could be a mistake.

It’s important to know all your costs and your desired return on capital, and to take these into account when you set your prices. It isn’t necessarily bad for your prices to be higher than those of your competitors. In fact, this is perfectly appropriate if your strategy is based on differentiation – offering a unique or specialized product.

A growing number of businesses use estimating software to take the guesswork out of making job bids that better reflect their costs. The software takes into account overhead costs, the price of material and other expenses as well as your targeted profit margin, ensuring that every job is profitable.




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"I would like to thank you for picking Ben's Clothing for the retail consulting makeover.  I very much enjoyed talking to Barbara.  She has wonderful insites on what to do to refresh my store.  I was extremly excited of the ideas put together thats in my budget for now and also in the near future.
 
The 1st part of the seminar, had opened my eyes to the reality of my challenges and concerns, statistics, operating cost and marketing which is a huge part that can not be ignored. It's a must to have a list of issues to know it and control it.  This is a large part of my battles that I face but placed them in the back burner. 
 
When Barbara came into my store I wasn't sure what to expect because in the seminar she was leaning towards makeovers for a new store or toronto style store.  I had no idea that a little bit of paint in a different color will bring out what I want to promote.  She had alot of new ideas that are in the budget and I'm going to make it happen!
 
Thank you again for filling me in with the seminars that are offered.  I'm always willing to get informed and always moving forward."

- Hazel McLean


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