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IS THE
PRICE
RIGHT
By Greg Kitson, Contributing Writer
32
Impressions | June/July 2013
One of the worst
things you can do
when a price increase goes
into effect is not properly
prepare your employees,
particularly your sales and
customer service staff
members. Hold a meeting that includes every
staffer to review your price
increases and implementation strategy.
P
rofitable decorated apparel companies that
want to stay in business cannot evade raising
prices. Whether they are triggered by supply
and blank apparel increases or employee overtime to meet order deadlines, price hikes are
necessary. Sometimes, you can delay a price
increase by looking for ways to be more efficient or cut in-house costs. And that should be your
first step as you begin the process of determining if
and when a price increase is needed.
Once you’ve determined that your shop is as lean
and mean as it can be, you must determine whether
you are willing to push your employees harder. The
money has to come from somewhere, and you must
decide if you will cover increasing costs on the backs
of employees or by raising prices.
Many decorators find that employees are working
as hard as they can, so the best way to offset overhead
costs is to adjust the pricing structure. If you find yourself in this situation, don’t panic. With smart strategy
and a clever client response plan, you can raise prices
without causing customers to run for the door.
impressionsmag.com
http://www.impressionsmag.com
Table of Contents for the Digital Edition of Impressions - June/July 2013