Do you include the annual cost for recurring expenses?
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When quoting prices, it's common practice to state daily, weekly, or monthly costs; sometimes per person, per click, etc. It's crucial to provide a full picture by also including the annual cost. The reasons:
- Annual Budget Planning: It helps individuals and businesses in planning their annual budgets
- Comparison Ease: Customers can more easily compare costs with other services or products
- Long-term Perspective: It encourages customers to think about long-term costs and benefits, rather than just immediate expenses
AUD $150 + GST/month
❌ Figure: Bad example - Only include monthly cost
AUD $150 + GST/month (AUD $1,800 + GST/year)
✅ Figure: Good example - Include both monthly and yearly cost