All businesses face the same critically important challenge: How to price products or services and make a profit. Before establishing prices you should understand your marketing goals, the factors that influence pricing strategy and the possible pricing strategies you might employ.
But pricing is only half the picture. You also need a basic understanding of costs and how they behave as sales increase or decrease. How much do products really cost? If you are in a service business how much do your employees cost you.
In this workshop we’ll cover pricing and costing basics and show you how to answer some very basic questions, such as:
What annual sales level is needed to cover my costs and simply break even?
How much do I have to sell to realize my targeted income?
How much do I have to sell every day just to warrant opening my doors?
Is it a good idea to move to a larger or nicer facility?
Should I hire full time employees or hire hourly independent contractors?
What pitfalls should I avoid when setting my prices?
This is a challenging workshop and is designed for those who are already in business or are in the process of preparing a business plan and financial projections. A basic understanding of financial statements will be helpful but not necessary.
Attendees will receive Excel templates to help in calculating product and labor costs as well as the business breakeven point.
John Batt spent his early years as an auditor in the United Kingdom followed by thirteen years’ of experience working at a UK subsidiary of the Aluminum Company of Canada where he became the Commercial Director responsible for accounting, administration and product distribution. He transferred to the United States as an accounting manager for the Consumer Export division of The Pillsbury Company where he was appointed as Director of Finance – International/Ice Cream Division nine years later. John led the due diligence team in Pillsbury’s acquisition of Bumble Bee Seafoods and eventually transferred to Bumble Bee where he became CFO and Treasurer and eventually President and CEO.
Tom Baumann began his career with the “Big Eight” accounting firm of Coopers and Lybrand. Leaving the Emerging Business Services Department to join one of his clients, he became the CFO of a small local company that imported women’s apparel from 15 different countries for sale to U.S. retailers, including Wal-Mart, JC Penney and The Limited. During his tenure the company went public with sales reaching $150 million. He was responsible for all accounting and finance functions, including securing a $60 million line of credit, investor relation activities and SEC reporting. After eleven years, Tom became the CFO of a manufacturer of hair care products sold to the beauty salon industry where it was then sold to a German company when sales reached $85 million.
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