Prices Have Increased and More are Coming

Jan. 7, 2013
Locksmiths need to become proactive in regards to business direction

In 2012, many lock and lock hardware manufacturers increased their prices. The costs of raw materials are up, as are other components of manufacturing and distribution. Prices will probably continue to increase during 2013.

Prices being raised is not uncommon. However, for locksmiths and security professionals, the marketplace has become significantly more competitive. At the same time, more and specialized products are becoming available.

As we begin 2013, it is a good idea to look at where you are and where you want to be. Here are a few thoughts that come to mind.

As a business owner:
Will you purchase less stock as prices increase?

Can you afford to have less product on your shelves?

Will you raise prices the same amount as the increase from each of the manufacturers?

Will you add a bit extra to improve your profit margin?

Will you notify your customer of the price increases?

Are your customers in a position to pay the additional?

Will they in turn purchase less?

Will they begin to look elsewhere for a better price?

And for probably the most important question, are there any additional services you can offer your customers?

As an employee:

What new services or time saving suggestions can you bring to your employer?

This can include electronics, CCTV, door servicing, etc.

Any thoughts.