Motivated entrepreneurs dream of dollar signs—bright, S-shaped figures that shimmer and represent the true reward of starting a venture and reaping the financial benefits of the hard work that goes into it.
Profit
A Tale of Two Pricing Strategies
Imagine two companies. One touts the results the customer can expect and charges premium prices, the other touts its low prices. Which one wins?
Small Biz Check Up
It’s the first week of April. How are your financials doing? It’s time for a small biz check up. By now, all your financials on the first quarter of 2014 should be available to you.
The Real Cost of Loss Leaders: Can You Afford Them?
From time to time some companies lose money on projects through labor overages, material overages or mispricing a project. They have to work harder and more efficiently to make up for those losses. But how much harder and how much more efficiently?
If You Love What You Do the Money Will Come?
You have heard this advice at least once: Do what you love and the money will follow or do what you love and it won’t feel like work. It seems easy but it’s not.
What if You Did Bottom-Up Budgeting in 2014?
What if you first decided what profit you wanted in 2014 and then determined the revenues that you needed to generate those profits? What if you started at the bottom of your 2014 profit and loss statement and worked up?
The Lost Art of Loss Leaders
During high school I worked in a grocery store that used loss leaders to attract buyers. Once buyers were in the store they would typically buy enough related offerings, at higher margins, to more than offset the loss on the loss leader.
Don’t Be Afraid of Net Profit per Hour
To have profitability you need to know where you are starting with profitability. That means calculating your net profit per hour.
How Do I Create High Margins?
One of the most difficult elements of marketing for most people is the art and science of pricing. There’s a lot of science to it—but it’s also an art. How do you price your goods and your services? Where do you start?
Pricing Strategy: Factors to Consider
How to price your product or service is a critical decision that your small business must make and will directly determine your ability to succeed in an uncertain economic environment.
