For over 10 years, this award winning Blog has been a Forum where Australian Small Business Owners can exchange Ideas and Advice with experts in Australia on how to Improve their Businesses through better Business Management, Planning & Strategy, Business Management Systems and Marketing Strategy.
Our Ultimate Objective is to help Australian Business Owners Make their Business Run without Them and to achieve their Goals where ever they may be in Australia.
One of the most popular articles I have ever written was Are Your Customers Cats or Dogs? In it I warned that businesses can have both Feline (High Value Customers) and Canine (Budget Customers) but you need to ensure that you keep them apart. After all, we know what happens when you put Cats and Dogs together. (I am talking about market segmentation!)
Businesses often use simple formulas to calculate their prices. Usually based on some on some mark-up, so in a store all items might be priced with a 60% mark-up on cost with the 60% covering wages, overhead, and hopefully profit.