Shopping List Pricing System -- The why, how, and what
Unlike every other wonderful story out there, this one starts in a grocery store. Have you ever put all your groceries through the checkout and been shocked how it got to that amount? You then check over everything and realise “oh yeah, I bought all of these items” and the price pain dissolves? This opened my eyes to their pricing system. The shopping list doesn't list individual costs like labour, transportation, production, sourcing, marketing, and so on. Then why should we, Electricians, break down our invoices? And thus the genesis of the Shopping List Pricing System was planted -- to create a hassle-free and wholesome invoicing system available to the Electrical Contractors and Electrical Business Owners all over the world.
Not a Member Yet? Access over 400 training videos to help you go to the next level.
When you start to implement the Shopping List Pricing System (SLPS) you need to switch from hourly rate and materials to total cost per item. So, in the Shopping List Pricing System, the invoice should contain the Item Name, Quantity, Unit Price, Tax and Total. It’s as easy as that. If you read through till the end and follow the system thoroughly, you can increase your profit by more than 500% with the help of SLPS.
Benefits of Shopping List Pricing System
It’s impossible to gauge the value of a system unless we know the benefits. I would love to highlight a few benefits of the SLPS here:
Clear Communication: Your electrician will understands pricing better because of the SLPS. Due to this they can communicate better with the customer and explain the costs, too. It also reduces negative customer feedbacks since the communication is crystal clear.
Easy Administration: SLPS makes it easy for the admin to quote and invoice jobs. You can pay someone a lot less than the Operations Manager. For this purpose, you can use online freelancing platforms like Upwork.
Less Competition: Once you implement SLPS, you will no longer compete for the price. It can help you to establish transparency with your customer, too. An average electrician can double the price by working more hours, when not needed. If your electrician can perform well, then you win because the hours worked are less than the quote and you still get paid the full amount. If your electrician somehow goes over the hours set in the item, then communication becomes the key to winning everytime.
High-performance: With the help of SLPS, monetise the performance of your electrician for every single thing they do. It will help you to measure performance and create a competitive environment.
Easy Invoicing: The invoicing of SLPS is so easy that you can also deliver pricing over the phone. SLPS speeds up the process, so you can send invoices (and hopefully, get paid!) quickly.
More Profits: SLPS invoicing system is incredibly profitable. The customer will pay the right amount if you teach your guys how to communicate with your customers regarding variations.
Labour component: SLPS allows the room to add all the prices of the small sections like labour component, tools, van, etc.
Ready To Take Your Electrical Business To The Next Level?
Get access to hundreds of on-demand training videos to accelerate your growth and minimise mistakes as you grow in the electrical industry!