Costing & Pricing a Product or Service

Suitable for, owner/managers or those about to start their own business. Useful for retail, manufacturing and service businesses.

This is a practical programme on how to correctly cost and price a job. 

At the end of this course the participants will be able to:

• Calculate product or service cost
• Price product or service
• Establish costing procedures and breakeven point 
• Explain the nature and behaviour of different costs
• List and estimate overheads in running your own business
• Absorb overheads into product or service cost 
• Assess current costing and pricing procedures and prepare to make amendments where appropriate
• Explore different methods of pricing
• Decide on appropriate pricing tactics for your business
• Write your pricing policy
• Using tools provided to cost and price effectively

COURSE PROGRAMME

• Cost management
• Different types of costs, (direct, indirect, fixed, variable)
• Calculation of annual overheads
• Cutting costs and dealing with your accountant 
• Absorb overheads to individual jobs/products
• Calculating your product/service cost
• Estimating breakeven & assessing viability
• Estimate your breakeven in sales for one year/one month/one week
• Time management and costs
• Costing procedures – cost cards and time cards provided – use of apps for efficiency
• Costing techniques – batch, process, contract, job, service
• Cost plus pricing - calculating the job/product price
• Mark – up versus Margin – exercises
• Pricing for profit
• Factors to consider when pricing a job/product, e.g. customer, competition, product/service
• Pricing and the market including pricing tactics 
• Pricing policy
• Monitoring price performance
• Write your pricing policy – do it right everytime!
• Action plan/checklist

This course is for Westmeath Businesses. Businesses who book on who are not based in Westmeath may be removed if the place is required by a Westmeath-based business

Please note: In the event you book a place and subsequently do not cancel your booking at least ten working days prior to the commencement of the course and do not take up the place no refund or fee transfer will be offered.