SCORE Workshop: "Cost, Price and Profit" Part 1
The Southeastern Connecticut chapter of SCORE, Mentors to America’s Small Businesses, presents a free 2-part workshop on “Cost, Price and Profit” with SCORE Mentor Eric Munro. Expanding this popular topic into two parts – with a focus on Cost in Part 1 and Price in Part 2 – allows us to delve more deeply into the facets of the Cost-Price-Profit equation and includes time for attendees to participate in exercises aimed at developing their own skills.
Part 1 (1/23/20): Cost and price are independent, yet together they determine your business success and profit. This workshop explores how to develop costs and avoid common pitfalls such as underestimating real costs.
Topics will include:
• Estimating real costs (direct and indirect)
• Accounting for overhead costs
• Developing the cost-to-price model
Part 2 (1/30/20): Pricing to be competitive and being profitable are not mutually exclusive. This workshop explores how to develop prices and avoid pitfalls such as mixing your pricing message and trying to be the lowest cost provider.
Topics will include:
• Factors to consider in pricing products and services
• Maximizing price by maximizing perceived value
• Understanding the scope of work
Workshop Presenter Eric Munro is a product management, sales and marketing executive with experience in high-technology businesses, both domestically and internationally. Prior to retiring, Eric was Senior Vice President of Sales and Marketing for a telecommunications equipment manufacturer based in Meriden, Connecticut. His career also includes consulting in business management for a division of DeVry University as well as teaching graduate MBA classes where he provided his expertise on project and strategic management.
About SCORE: SCORE® is a nonprofit association that offers free and confidential advice on starting your own business or improving and growing your existing small business. Since 1964, SCORE has helped more than 11 million aspiring entrepreneurs. Each year, SCORE’s 10,000 volunteer business experts provide hundreds of thousands of free small business mentoring sessions, workshops and educational services to clients in 300 chapters nationwide. In 2017, SCORE volunteers provided 3.6+ million hours to help create more than 54,000 small businesses and 116,000 full-time, part-time and contractor jobs. All 40 counselors in Southeast Connecticut are volunteers, receive no compensation, and are working or retired business owners, executives, and managers. SCORE’s nine counseling sites in Southeast Connecticut include Guilford, Madison, Old Saybrook, Essex, Waterford, Middletown, Mystic, Norwich, and New London. For more information on upcoming free workshops and how to schedule a free small business mentoring session with our counselors, visit www.sect.score.org.
Would You Like To Become A SCORE Volunteer? Your business knowledge and experience can help others start or grow a small business. Learn more about becoming a SCORE volunteer at: www.score.org/volunteer.