Most customers are willing to pay a fair price for products and services. Businesses that plan ahead to be sure the complete service is part of the original price, provide a more positive customer experience.
Many frame shops could make significant profit improvements by taking a look at the way their pricing tables for moulding and matting are set up. Pricing is critical to the success of your business, so spending some time on these tables can help your profits.
Industries adapt and develop new ways to compete. The current choices in how moulding can be purchased offer our industry an opportunity to explore new options. Switching from length purchase to chop or chop/join saves a shop significant labor hours. Use our free worksheet to see if you could benefit from changing your purchasing model.
One of the biggest challenges facing custom frame shop owners is determining their pricing strategy. You want to strike the right balance with pricing so that you don’t discourage customers, but are also able to cover your operational expenses, material costs, and allow for remaining profit. Read this article to learn how to take your pricing to the next level.
A little tweak to pricing can make a substantial difference. In this video from Tru Vue®, Ken Baur talks with Retail Boot Camp winners Larry and Rene Bauer of Karon’s Frame Center about taking their pricing strategy to the next level.
During his operational and financial consultation with Tru Vue® Retail Boot Camp winners' Rene and Larry Bauer, Ken talked with them about a major factor in success for small businesses — controlling discounting. Maintain profitability of custom designs by limiting discounting and having confidence in your pricing.
What is one of the best ways to grow profit? Raising prices has a better effect on your ability to pay expenses than finding cheaper materials. Stop spending your time searching for the best price on foamcore and start charging the prices necessary to improve your profits.
Even though there's a few months left of 2015, changes in your budget need to be created in advance of actual results to maximize income and control expenses. Use Ken’s free spreadsheet to prepare for next year.
Opportunities for increasing profitability begin with small changes. Huge increases to pricing or major efforts to draw more customers often are unnecessary. Learn how to use the correct design-driven pricing to create big results.
Do you recognize yourself in our three shop examples? If you know your pricing is where it should be, you will be less prone to making changes during the sales process that negatively impact your profit margins.