What is a Price Sheet?
A price sheet is a list of all the products or services and their corresponding prices that a business sells. This formal document may be printed on paper or created electronically.
Its primary purpose is to organize all relevant pricing information. It also serves as a record of different of a product's or service's price points and market value at different periods.
How to Make a Price Sheet
And if you are starting your business, learning how to create basic business documents is a must. Below is a short guide on how you can apply the best practices in making your basic sheets.
1. Follow a Clean Layout
For a more readable blank sheet design, follow a clean and clutter-free layout. Use tables with clear labels. Avoid clashing colors. It is better to use black text against a white background to avoid these potential color clashes.
2. Integrate Your Branding Design
Price sheets are as official business documents. And they are perfect tools to help increase brand awareness. To do that, don’t forget to add your company logo or business letterhead to the document.
Tip: Use the same logo design across different business stationeries like your payment sheets, spending sheets, and even balance sheets.
3. Verify Price Information
Most price sheets are customer-facing documents. Your salesmen and other representatives use the material and present it to potential clients and customers. It is vital to keep them as accurate as possible.
Before finalizing your price sheets, make sure that each amount aligns with your ideal profit margin. If you are a wholesale company, you may also set a manufacturer’s suggested retail price (MRSP) that your retailers can use as a base price. Remember, a profitable company’s balance sheet starts with a well-thought-out pricing plan.
4. Input Original and Sale Price, If Applicable
Price changes, especially if they involve the lowering of prices, are an excellent way to attract customers and increase sales. When implementing these changes on your business price sheets, make sure that you list down both the original price and the sale or discounted price.
Marketers and professors of consumer psychology found that seeing a comparison between the original and sale prices allows customers to calculate how much they are saving readily. And you can apply this pricing technique whether you are making retail price sheets for regular customers or you are making simple sheet tabs for corporate or bulk customers,
5. Update List Regularly
In addition to keeping accurate price lists, you need to keep your price lists updated. Print out or post digital versions of your company’s price lists so that customers can readily access the sample sheet and make corresponding decisions.
It also helps if you include a reason for the price increase. Most of the time, customers will understand this move due to inflation and various changes in the market. What is important is that your customers know the reasoning behind it and that you are not increasing prices on a whim. When done right, it will reflect your business transparency and a commitment to providing excellent service.