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.
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?
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?
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.
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?
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.