Pricing and your current prices will impact your profitability. Here are all articles on this topic.

Cracking the Code: Understanding the Effect of Supply and Demand on Commodity Prices

Effect of Supply and Demand on Commodity Prices

The economy is constantly changing. And it is greatly influenced by certain economic indicators that can affect the prices of commodities like oil and gas, agricultural products, etc. These commodities are essential in sustaining the financial market of an economy, and their increase or decrease in value largely depends on the supply and demand flow. 

Therefore, it is essential for businesses that focus on trading with commodities to understand the role that supply and demand play in the prices of commodities. This article will explore how supply and demand can influence commodity prices.

Everything That Is Happening Around Energy Rates and How It Affects Businesses

Everything That Is Happening Around Energy Rates and How It Affects Businesses

Why are the energy costs of wholesale so high? It results from a string of coincidences, some affecting the entire world and others only in the UK.

While we are all impacted by growing energy costs at home and work, it is a global problem brought on by several unanticipated and far-reaching factors.

Energy prices were always a major concern, but they have become much worse as a result of several factors, including the situation in Ukraine (more on that below) and the following ones:

6 Questions to Create Your Small Business Revenue Model

6 Questions to Create Your Small Business Revenue Model

The revenue model is an important part of your business model because everything that you create in your business model will need to be evaluated through the revenue model.

The success of your business model and the success of your small business often will be based on the success of your revenue model. If your revenue model works, it will generate enough income to cover all the costs that your small business will make, but also will enable you enough profit with which you can finance the future development of your company.

But, in my experience, many entrepreneurs make mistakes when it comes to revenue models even though they have created really respectful other elements of their business model.

Here, I would like to show you how you can build your revenue model using the answers to six important questions.

How Do I Use Cash Discount Properly?

cash discount program

To ensure they are doing it properly, merchants who utilize the cash discount program and acquire a brick-and-mortar store are obligated to display signs by the entrance and in front of all locations consistent with point-of-sale. The customer’s receipt is required to have a clear display of based cost, total of sale, and cash discount visibly printed.

On invoices, they are also required for merchants who own an eCommerce store that requires manual payments. Cash discounts require an existing bill and must be explicitly stated in the “Terms & Conditions” section of the invoice. On invoices, cash discounts are displayed in the following format: 5/7, net 30. This means that the customer is entitled to receive a 5% discount only if the invoice is paid within seven days. The goal is to make the buyer submit payment before the due date. If they fail to make the time frame, the customer will have to pay the full balance within 30 days.

How To Build Superior Value Proposition

How To Build Superior Value Proposition

One important thing that I want to note is that the superior value proposition is the tool you can use to increase your business potential energy. When I think much deeper about this tool, I can say that this is probably one of the most important tools that can help you build your business.

When a startup business succeeds in building a superior value proposition, it has more chances to survive in the market. Also, it will probably become the market leader in its business field.

Now it’s time to put all the gears in the process to work for your business and increase and transform at the same time your business’s potential energy.

Pricing Strategies Every Entrepreneur Needs to Know

pricing strategies

Pricing is complicated, and if the entrepreneur gets it wrong, it’s a game over. Set the price too low and forget profits. Price things too high, and it will send away customers. The good news is that there are different ways to set up prices for a small or medium-sized business. Understanding pricing strategies is the best way to approach the market. Moreover, the entrepreneur needs to understand the customer and their willingness to pay for the product. Also, the entrepreneur needs to know what the competition charges for the same product. Besides that, one needs to factor in fixed and variable costs.