Founder at BS Company Limited, Finance Executive, Business and Finance Consultant.
I specialize in performance management, business analysis & reporting, cost management, budgeting, cash flow management and operations. Am a Fellow of the Association of Chartered Certified Accountants (ACCA) of UK, with over 12 years experience in Senior and Middle Management.
Pricing is an important part of any business and may be challenging particularly for services. It is always important to set competitive prices for goods and services. One way to price is to set a mark up on cost. That is to account for all your costs up to delivery of product / service and add a profit percentage. Average mark up will range from 10% - 30%. A second way to price is to compare with your competitors with similar product or services. With this method you need to be careful not to price below your costs. Also if your costs are higher than your competitor price, it's worth looking into your efficiencies and other areas of cost. In order to answer this question adequately and give you more value, it would be ideal to understand what you are selling and the structure of your business. I am available to assist if you require further details on pricing.
In order to take precautions in a construction space, you need to be able to identify potential risks and put in preventive measures. There are a number of safety precautions that are common to many construction sites. See below:
- Prepare and share a safety policy.
- Prepare and share safe working practices and rules for using equipment.
- Train personnel on site. Have safety inductions and continuous regular training.
- Set safety audits.
- Have emergency procedures and share them on site.
- Ensure proper signage is available on site.
- Appoint a safety personnel to support employees and management to manage safety programs.
The above are just a few to mention. If you need more clarity, I am happy to listen to your specific situation and give more detailed assistance tailored to your current scenario.
I always encourage young professionals to get a mentor as it's the best way to have someone listen to you and provide sound advice. However, to have a beneficial mentorship relationship one requires full commitment and participation. Most successful mentors are busy people and will not chase you around for your time. It requires you to schedule the meetings, plan the expected outcome from the program, do most of the talking and ask lots of questions. Keep an open-mind and find a mentor that you are comfortable to speak your truth with.
The advice I would give to a strong minded person looking to be successful but doesn't know where to start is:
- Think about your passion for business and helping customers a bit more and you will find the clue in there. What exactly do you like to do for customers? That's where your business idea should start from.
- Just begin with whatever idea you have and you will perfect it along the way. As you get on, you will discover what you like and build on it.
- Stop hesitating and just start.
- Believe in yourself. You can do it.