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5 Things to Perfect Your Costing, Pricing, and Margins
Job costing is an essential part of manufacturing. How else are you supposed to know how much it costs to make a part and what you should sell it for? If you don’t know what your costs are, or if you are performing at the highest level, don’t worry; you’re not alone. Most manufacturers don’t know, because they only compare themselves to themselves.
For over 40 years, Global Shop Solutions has been helping manufacturers perfect their costing, pricing and margins. Our ERP software helps simplify manufacturing for our customers just like you.
Here are 5 statements that the best manufacturers in the business can answer yes to every time:
- We track our costs in real-time for every job on the shop floor.
- Real-time costing helps us identify areas to drive cost out of the production process while maintaining margins.
- Knowing our costs and margins allows us to under-bid competitors and still make money on the job.
- Knowing the cost of making one part versus 100 or 1,000, tells us the most efficient quantity for manufacturing the part.
- Our customers are more willing to accept price hikes because we can show them our true costs and how we arrived at them.
If your response to the above statements is “sometimes” or “heck no”, then you need to take our Manufacturing Health Test to gain access to your overall manufacturing performance score, see how you compare against others, and get the steps needed to go from good to great.