Pricing your product or service correctly is one of the most important factors in achieving business success. This practical workshop will help business owners understand the key factors that influence pricing decisions, calculate their true cost base, determine break-even sales targets, and develop effective pricing strategies that support profitability and growth.
Participants will gain valuable insights into how costs, competition, market demand, taxation, and cash flow impact pricing decisions. The workshop will also explore the financial considerations involved in preparing realistic forecasts and financial projections.
Topics Covered
- Principles and strategies of pricing
- Factors that influence pricing, including costs, competition and demand
- Different pricing methods and approaches
- Calculating your break-even point
- Setting realistic sales targets and business goals
- Understanding your market and customers
- Reviewing and adjusting prices effectively
- Understanding gross margin and profitability
- VAT and income/corporation tax considerations
- Managing cash flow and the importance of timing
- Selling on credit versus selling for cash
- Identifying and allocating direct and indirect costs
Through practical examples, interactive discussions and exercises, participants will gain a clear understanding of the tools, techniques and formulas used to cost and price products and services confidently. By the end of the workshop, attendees will be better equipped to make informed pricing decisions that support sustainable business growth.
