VAT/Price Cuts + Gloss It!
Bloody hell... I spent 13 hours straight at my desk yesterday implementing the VAT cut plus a raft of price adjustments throughout the store. Because of the new VAT level, and the threat of future changes, we've decided to give up on a nice neat and tidy pricing policy. From now on, we'll take our cost prices, add our margin and then the VAT... and whatever that comes to is what you will pay. This has been a pain in the bum excercise but a valuable one all the same. It made me look hard at recent freight costs from all of our suppliers, and the wholesale rates available to us. As a result, I've been able to implement many price cuts throughout the store that vastly exceed the small reduction in VAT. However, in some cases I've also had to tweak our prices upwards in order to make our target margins. Overall though, I think you will all find a pleasing downward trend in pricing...
The other thing I've done over the last couple of days is add the basics of our new Gloss It line to the store. Hurrah! Over the coming weeks I will be introducing some kits based around the Gloss It line, but right now with the basics done I need a good rest... as I only managed 2 hours of kip yesterday. Argh!!! Some days, working for yourself is no fun...