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Suggest You - Dangers of Discounting
1. Thou shall not wait too long. Have you ever heard, “I sold my business to early?” Compare that with the number of times you’ve heard somebody say, “I should have sold my business two years ago.” Unfortunately, waiting too long is probably the single biggest factor in reducing the proceeds from the sale of a privately held business. Exit your business from a position of strength, not from the necessity of weakness.2. Tho
This week I have attended three seminars and listened to several other speakers on the subject of focus and diversify. There is a large amount of information about focusing on one thing to make your business grow. I fully agree with what they have to say, however, I also fully agree with those that say diversify to grow. The real challenge is "how do you do both" so your business stays on track. It may not be as difficult as
There is no doubt that discounting your price could provide you with a quick win and, even as a policy, terms like 10% off for cash payments can occasionally improve overall sales. However, without careful planning, discounting can severely impact on your business’ profitability.
Apart from discounting, there are many ways to handle price objections. But for brevity of this article, we will look at discounting through the bean counter’s eyes – the finances.
Your accountant will be quick to point out the obvious effect of discounting: a discount is a cost that comes directly off of bottom line profits. But there is another effect of discounting that is often overlooked. Have you
Most successful businesses subscribe to the LANO principle, and you should to, if you want your business to survive and prosper.So what precisely is the LANO principle?The LANO principle dictates that you should concentrate all your efforts towards obtaining the best. The best what?The best premises in the best location, featuring the best staff, the best minds, and they are then best motivated, to sell the best
There is no doubt that discounting your price could provide you with a quick win and, even as a policy, terms like 10% off for cash payments can occasionally improve overall sales. However, without careful planning, discounting can severely impact on your business’ profitability.
Apart from discounting, there are many ways to handle price objections. But for brevity of this article, we will look at discounting through the bean counter’s eyes – the finances.
Your accountant will be quick to point out the obvious effect of discounting: a discount is a cost that comes directly off of bottom line profits. But there is another effect of discounting that is often overlooked. Have you
Careful consideration must be given when choosing and working with an outsource manufacturing partner. Although each situation is unique, there are common characteristics that make for a reliable outsource partner.One company that carefully analyzed the determining factors of a successful outsource partnership is VIASYS Healthcare, a global leader in health care technology. VIASYS manufacturers, markets, and services medical d
Apart from discounting, there are many ways to handle price objections. But for brevity of this article, we will look at discounting through the bean counter’s eyes – the finances.
Your accountant will be quick to point out the obvious effect of discounting: a discount is a cost that comes directly off of bottom line profits. But there is another effect of discounting that is often overlooked. Have you
There is one thing that will absolutely kill the growth of most businesses at one point or another. Although it is intended to make sure that you are properly prepared for the journey ahead, it often stunts the growth of your business.The funny thing about this is that every business class I've ever taken during my coursework absolutely glorifies the importance of this one factor. The factor that I am speaking of is "plan
Your accountant will be quick to point out the obvious effect of discounting: a discount is a cost that comes directly off of bottom line profits. But there is another effect of discounting that is often overlooked. Have you
When selling yourself, be quick, direct, and get your point across in less than half a minute. We’re always on a hyper deadline. No time for small talk. Tell me what you have and let’s go. 10-second sound bites, three word emails, short hand text messages—speed of communication is king. You can either resist this fast pace and lose out, or make it work for you and watch it pay off nicely.Small business owners: get to the poi
A brief example will demonstrate this: WidgeCo makes and sells widgets, which normally retail at $100 each. 500 widgets are sold each month, giving WidgeCo a monthly turnover of $50 000. The direct cost of producing and selling each widget is $60, which is made up of raw materials, sales commissions, transport etc. These variable costs are aggregated each month into a cost of sales figure of $30 000. In addition to cost of sales, WidgeCo spends $10 000 on fixed costs (FC) such as rent and salaries.
We
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