Watch Out for Your Supplier Costs—and Pass Them On, by Dr. Brian Dawson, MASSAGE Magazine Business Tip

Every few months, get your suppliers to send you their most up-to-date list of prices for the supplies you buy from them. Once you have the list, you or someone in your office can check to see if your suppliers have raised their costs on the materials you buy from them. More than likely, their prices have raised because their own costs have increased—and they have passed these costs on to you as a cost of doing business.

As a result, increase the prices you charge your customers accordingly. Remember, they expect your prices to go up since all other prices are going up, and they are used to paying increasing costs for the things they buy.

For example, your massage customer may or may not notice that the cost of coffee at Starbucks increases every few months. Additionally, if you take a close look at your grocery bill, you will notice it increases every few months. Companies that supply goods and services raise their prices, so they can remain in business and provide quality products and services to you.

It’s just smart business! Those that don’t do this will eventually be forced out of business. So why take the risk of not increasing your prices when everyone else expects you to do so?

There may be just a few customers—and only just a few—who will question it or complain about it, but deep in their hearts they know your prices should be increased. They only mention it to you to see if they can get away with paying you less for your products and services.

Don’t let them get away with this. If you allow yourself to agree to their viewpoint on selling yourself and your business as cheap, it only cheapens and lowers their opinion of you—no matter what they say to your face!

Dr. Brian Dawson, Watch Out for Supplier Costs, MASSAGE Magazine Business TipDr. Brian Dawson was educated at Purdue University and Palmer College of Chiropractic. His interest in finance began when he found the business and administrative side of running health clinics to be a frustrating and inexact science. Now, as COO of Money Management Solutions, Dr. Dawson is involved in helping chiropractors and other health professionals from all throughout the country achieve success and get on the road to wealth and financial freedom. Money Management Solutions specializes in helping health professionals with all of their financial and marketing needs, including Internet marketing and Web sites. For more information about their services, contact Dr. Brian Dawson, D.C., at (866) 755-1213 or e-mail him at COO@MoneyMgmtSolutions.com. Or visit the Web site, www.MoneyMgmtSolutions.com.

Go to www.BizMoneyHelp.com to view the free report,”7 Fatal Money Management Mistakes Business Owners Make.” 
 

 

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