What strategies that small businesses can use to keep the labor costs under control? Identify at least three feasible strategies and support them with appropriate rationale.
LABOR COST CONTROLS
STRATEGIES TO KEEP LABOR COSTS UNDER CONTROL:
The Small Business Administration (SBA) specified in The Facts about Pricing Your Products and Services, "you must understand your market, distribution costs, and competition. Remember, the marketplace responds rapidly to technological advances and international competition. You must keep abreast of the factors that affect pricing and be ready to adjust quickly."
COST FACTORS AND PRICING:
When small business owners set the prices for goods or services, there are three primary cost factors that need to be considered which include labor costs (cost of the work that goes into the manufacturing of a product or the execution of a service), material costs (costs of all materials that are part ...
STRATEGIES TO KEEP LABOR COSTS UNDER CONTROL: COST FACTORS AND PRICING: PRICING STRATEGIES: