Tough times spawn opportunities for businesses

Cost: When calculating your cost of doing business, consider all of your expenses--such as materials, labor, transportation and other associated overhead costs--then consider how much of a profit margin you are seeking.

Would you be able to charge a higher price by distinguishing your business with exclusively tailored offerings, or would your business fare better by seeking volume sales with competitive pricing?

It is a wise idea to revisit these considerations on a regular basis.

By examining your pricing structure, you may find more efficient processes in which to do business or perhaps learn of new resources that can reduce costs while improving the quality of your products and services.

By evaluating your pricing structure--keeping the evolving needs of your community in mind--and adjusting it to meet the demands of a fluctuating market, you may discover new opportunities, all while increasing sales for your business.

Mr Benoit is the small business banking executive for Union Bank, N.A. Visit www.unionbank.com for more information. The article is intended to provide general information about pricing products and services and is not considered financial or tax advice from Union Bank.