Account for costs when developing your pricing strategy

09/6/2013 | SCORE Small Business Success Blog

There are several formulas for pricing products and services, but the most effective one takes into account costs and revenue, writes Ashesh Banerjea, founder of consulting company Prescient Solutions. There are two types of costs: variable and fixed. "Understanding what they are, how they impact the bottom line and creating a long-term plan to manage and control those costs go a long way towards formulating a stable price structure," he writes.

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