:: Costing & Pricing your Products & Services for Profit
This course is currently not planned for the near future. To express your interest in this course please contact us
Objectives:
Understand how costs, competition, and customer expectations influence the price you choose:
Understand how price is influenced by the type of business you are in, the type of products/services you provide and the type of customers you have;
To provide guidance on determining product and service pricing to improve your profits and to stay competitive.
:: Aimed At
Owner Managers of SMEs
:: Course Objective
Each participant will be guided through practical exercises to determine personal income, business costs, competitive prices, and product/service features and benefits.
Participants will be provided with cost analysis and budget templates that can be used after the workshop at home or in their office where they will have access to the relevant data (i.e. invoices, receipts etc.) to prepare proper calculations.
:: Course Content
Determining Personal Income Requirements - Identifying personal drawings (salary) requirements so as these are factored into the business costs and subsequently the price;
Analysing Business Costs - Identifying fixed and variable costs, looking for value for money and eliminating waste or avoidable costs;
Determining the break-even point - Using simple calculations to determine hourly/daily rates and/or price per unit. Setting revenue targets.
Competitive Pricing - How to research competitors prices, analysis of competitors products/services in terms of features, benefits and perceived value.
How much is your customer willing to pay for your products/service - What features and benefits do your costomers value and expect? How to identify different types of customers who are willing to pay less or more.
Alternative pricing strategies - Briefly looking at other pricing strategies such as promotional pricing, product line pricing, value pricing etc;
Cash Flow Planning (Budgeting) - Reinforcing the importance of managing cash flow through prompt invoicing, managing credit and a process for collecting money on time. Making sure there is enough money coming into the business to cover wages (including your own), expenses, tax and VAT.
:: Planned Outcome
:: Certification Details
:: Trainer Biography
O'Leary & Associates Training & Consultancy Ltd is a Tralee based training and consultancy business providing services to both the community and voluntary sector and small business sector.
O'Leary & Associates works closely with each individual client, organisation and group taking the necessary time to clearly identify and understand the specific goals and objectives of their business, organisation or initiative, and the way in which to operate.
O'Leary & Associates has a vast amount of experience of working within the Small Business Sector. This includes:
Business Training to start up and existing businesses;
Business advice and support services;
Business Planning;
Business Development;
Developing marketing strategy and plans.