Tuesday, September 27, 2016

5 Pricing Tips for Professional Service Businesses

In This Week's Eblast:
Chamber Events:

Disclaimer: The above events are benefits of Chamber membership. Prospective members should contact the office to determine eligibility for attendance.  
____________
Ribbon Cuttings:
 
Disclaimer: In order to stay informed of time changes, postponements, and cancellations for ribbon cuttings it is highly recommended that all possible attendees register ahead of time to receive updates.
                           

                     
Member Events:

Tuesday Sep 27, 2016
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Monday Oct 3, 2016
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Wednesday Oct 12, 2016
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Wednesday Oct 12, 2016
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Pricing for Professional Service Businesses
Submitted by Gerald G. Pentecost, Jr., CPA
 
Whether you are a mechanic, landscaper, plumber, personal trainer, or electrician, one of the first challenges you face in your professional service small business is developing billing rates for your services.  Without good data on what your business should be charging, you might find that your pricing does not help you accomplish your financial goals.  Pricing is a crucial element to your businesses success.  If you set your pricing too high, you lose market share and have difficulty developing new client relationships.  If you set your price too low, you may end up losing money and could face a business failure.  I can't think of one decision in a service business that is more important to the "make or break" of a small business.
 
Setting prices too high can usually be caught fairly quickly.  If you are too high, you will usually get feedback from your customers very quickly which will allow you to make adjustments to keep you afloat.  But what if you aren't billing enough?  Will your customers complain about that?  When will you figure out that you aren't covering your costs?  Usually by the time service business owners figure out that their rates are too low, they have dug a hole that is hard to climb out of.  Here are some tips for evaluating your service business pricing and making sure that your business rewards you for your hard work.
 
  1. Start with a full projection/budget - Take the time to sit down and look at what your business will have to spend to stay running each week/month/year.  Consider the cost of your supplies, materials, labor, and overhead.  Use a format that will allow you to see exactly what revenue levels you need to meet your profitability goals.
  2. Get down to the nitty-gritty with the services you offer - Consider the pricing for each service or level of service that your business offers.  Create a good spreadsheet showing the number of units (hours/jobs) you will need to sell in each category to make you profitable.
  3. Get some industry data - Whether through networking opportunities within your industry, conversations with customers, or memberships with professional associations, try to figure out what your competitors are charging.  This may serve as a test for the billing rates you develop.
  4. Don't be fooled by the "hourly wage" comparison - If you are going from employee to business owner, you will go through a change in mentality.  Sometimes a new business owner will think in terms of what he/she made in hourly wages working for someone else.  Even a price substantially below the industry norm might be considered a good hourly rate for an employee.  But don't forget that its now up to you to cover the overhead and pay the costs associated with your business.  Once you add that to your monthly burn, you might find that a good "hourly wage" may not be such a good billing rate.
  5. Your CPA is always happy to help you when planning for your new business.  Make sure to ask your CPA for advice and assistance when setting up your business pricing.  At the end of the year, you will be glad you did.
Article Courtesy of Gerald G. Pentecost, Jr., CPA
                                                 

 
NEW DEALS! 


The code is M2MCD for 10% off, we are available for private team building events Tuesday and Thursdays after 5:00 PM.

For a private event you must book at least 8 people and contact us at (256) 813-4909 or info@beat60.com.

For normal hours on Friday nights and all day Saturday, visit our website http://beat60.com to book your game.
The cost is $22 per person.
*Offer Available ONLY through Eblast during the month of September


Special Corporate Membership Rates for Chamber Members.


Every business professional needs a nice Head-shot to represent their business and brand. Let Pamella Vann Photography help you put your best face forward and capture a Head-shot that will represent your professional side.


Chamber members can now save 20% on ANY service from Sport Clips.


Chamber members can save 8% with Coosa Insurance!

Would you like to see your Member to Member Deal here in our E-blast? Check out the program details and guidelines here and let us know by contactingwill.mackey@etowahchamber.org or calling 256-543-3472 
                                                       




We would like to invite you to click the bold business name links below to be transported to the Facebook page of your fellow Chamber members. Please take a moment to "LIKE" these member pages and look for your Facebook page to be featured in the future!

THIS WEEK'S "LIKE IT UP" MEMBERS ARE AS FOLLOWS: 
(click the member business name below to be transported to Facebook page)


The Tax Store





DON'T FORGET TO LIKE AND FOLLOW THE CHAMBER BY CLICKING BELOW!


  
 
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Tuesday, September 20, 2016

What's Going on in Gadsden!

In This Week's Eblast:
Chamber Events:

Disclaimer: The above events are benefits of Chamber membership. Prospective members should contact the office to determine eligibility for attendance.  
____________
Ribbon Cuttings:
 
Disclaimer: In order to stay informed of time changes, postponements, and cancellations for ribbon cuttings it is highly recommended that all possible attendees register ahead of time to receive updates.
                           

                     
Member Events:

Wednesday Sep 21, 2016
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Wednesday Sep 21, 2016
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Wednesday Sep 21, 2016
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Wednesday Sep 21, 2016
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Thursday Sep 22, 2016
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Thursday Sep 22, 2016
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Thursday Sep 22, 2016
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Friday Sep 23, 2016
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Friday Sep 23, 2016
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Saturday Sep 24, 2016
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Saturday Sep 24, 2016
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Tuesday Sep 27, 2016
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Tuesday Sep 27, 2016
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Tuesday Sep 27, 2016
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Tuesday Sep 27, 2016
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Wednesday Sep 28, 2016
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4 Steps to Successfully Surveying Customers

Statistics show that customers will walk away if they experience bad customer service. In addition, most customers purposely avoid working with customer service representatives because they find it frustrating. Even if your product or service is impeccable, ensuring a delightful experience for customers reigns supreme. Conducting a survey can give you an accurate measurement of how your customers feel and shows them that you value their feedback. To efficiently and precisely collect input from your customers, follow these four steps to create a customer service survey for your business:
 
1. Writing the questions
Try to come up with questions that are easy to answer, such as yes/no responses, multiple choice options, or a rating scale. Remember that you're asking your customers to do a favor for you. They don't need to take the time to answer your survey, so keep it brief and simple.
 
2. Segmenting the customers
Determining which group of customers you want to survey may help dictate the questions you ask and allow you to hone in on a particular sector of your business. For instance, if you're an insurance company offering home and auto insurance, you might want to distribute different surveys to the customers that have just home insurance, just auto insurance, or both. You might find that one group of customers has a better experience than another, which may indicate exactly where you should focus your improvement efforts.
 
3. Sending the survey
Next you need to decide how you want to send your survey to your customers. You might include it in your email newsletter, or you could give customers a follow-up phone call after they've called the help desk. Depending on the length and format of the survey, you may choose one platform over another.
 
4. Analyzing the results
Once you've collected survey responses from your customers, the most important element of the process is reviewing the results. From what your customers tell you, you should then take steps to make improvements and share the results with the team overall. Also, inform your clients when you've made changes based on their feedback!
 
Customers can provide a lot of insightful information to a business, if they're asked. Surveys can be an efficient way to gather their perspectives and help you make improvements to your business overall, which ultimately will make your customers more happy and more loyal to your brand.
                                                 

 
NEW DEALS! 


The code is M2MCD for 10% off, we are available for private team building events Tuesday and Thursdays after 5:00 PM.

For a private event you must book at least 8 people and contact us at (256) 813-4909 or info@beat60.com.

For normal hours on Friday nights and all day Saturday, visit our website http://beat60.com to book your game.
The cost is $22 per person.
*Offer Available ONLY through Eblast during the month of September


Special Corporate Membership Rates for Chamber Members.


Every business professional needs a nice Head-shot to represent their business and brand. Let Pamella Vann Photography help you put your best face forward and capture a Head-shot that will represent your professional side.


Chamber members can now save 20% on ANY service from Sport Clips.


Chamber members can save 8% with Coosa Insurance!

Would you like to see your Member to Member Deal here in our E-blast? Check out the program details and guidelines here and let us know by contactingwill.mackey@etowahchamber.org or calling 256-543-3472 
                                                       




We would like to invite you to click the bold business name links below to be transported to the Facebook page of your fellow Chamber members. Please take a moment to "LIKE" these member pages and look for your Facebook page to be featured in the future!

THIS WEEK'S "LIKE IT UP" MEMBERS ARE AS FOLLOWS: 
(click the member business name below to be transported to Facebook page)


Big Brothers Big Sisters of Northeast Alabama





DON'T FORGET TO LIKE AND FOLLOW THE CHAMBER BY CLICKING BELOW!


  
 
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