Articles for the small business owner on setting prices for products and services.
Brainstorm Your Way to Solutions
Brainstorming is one of the most effective methods for gathering a lot of ideas quickly. I am continually impressed at what can be achieved when you get several minds with different perspectives focused on one problem or topic. Group brainstorming can produce amazing results by drawing on a magic force called ‘synergy’. Read the full article
Cheaper Prices Don’t Help You Build Goodwill
You’ll never build goodwill by under-charging your customers. Those new to business are prone to undervaluing their products and services. This is one of the great pitfalls when starting a new business. Read the full article
Deadly Overhead Costs to Consider When Setting Your Prices
Are your prices high enough to keep you in business? If you’re self-employed and providing services at prices anywhere near the rates you earned as an employee, you might be missing some of the deadliest hidden costs. The obvious overhead costs include things such as rent, utilities, advertising, insurance, and office supplies; business expenses not directly related to the production of goods or services. However, there are a few costs that aren’t visible until after your venture is in play. Read the full article
Present Your Prices and Pricing Strategy
Set prices for your products and services. In order to set prices you must first be clear about costs. There are at least three ways to set your prices. To establish prices for your products and services, you will likely employ all three methods: pricing to market, pricing to cost and break-even pricing. Read the full article
Prioritizing Products or Services for Your Small Business
When planning to start or grow a small business, it’s helpful to select the most important products and services to be the focus of your research and forecasting efforts. Faced with deciding which of a broad variety of products to offer customers, new owners will wonder where to begin. The following points will help you identify the most important products and services to go forward with. Read the full article
Small Business Goodwill is in the Eye of the Beholder
Small business goodwill seems like a great idea until it comes to your balance sheet, then it becomes a figment of your imagination. The glossary defines goodwill as “an intangible asset generated through high community standing, strategic location, or superior management.” The idea is that a financial amount for “goodwill” is added to the tangible asset value of a business to arrive at a selling price. Read the full article