• Pricing for Profit

Essentials

March 23, 2020

Essentials March 23, 2020 Several days ago I had to pack up my podcast studio and relocate. With fast-food and coffee establishments going to drive-through only, it was only a matter of time before banks followed suit. I had to pull out of our studio inside Renasant Bank and relocate. Not knowing exactly when that closure might occur, I had to decide quickly on what was important enough to take and what could stay. Important decisions had to be made…

Calm

March 12, 2020

Calm March 12, 2020 It’s a time of incredible stress for many people. The fear of the unknown is powerful. It’s real. A virus spreads with no signs of slowing down. Financial markets have turned on a dime and seem to have no bottom right now. A professional sports league suspends the season. Conferences and trade shows are cancelled. Companies are telling employees to work from home. College and churches are suspending activities. The news is fast and unpredictable. And…

Pricing and Urgency

March 3, 2020

Pricing and Urgency March 3, 2020 I saw this truck over the weekend, and it got me thinking about pricing and urgency. This guy has decided that there is no compelling need to fix his transmission. His urgency factor is not just zero; it seems to be less than zero. He’d rather drive over to the hardware story—in second gear—and purchase stick-on letters to alert drivers who come up behind him. He’s clearly not ready or willing to pay for…

X’s & O’s vs. Intangibles

February 24, 2020

X’s & O’s vs. Intangibles February 24, 2020 After a 14-40 start to the season, John Beilein resigned as coach of the NBA’s Cleveland Cavaliers. He didn’t even last his entire first season as an NBA head coach, even though he came into the league with a stellar record as a collegiate coach. There’s a message for us professional services providers in this story, furnished from an analysis of the situation with Beilein and his Cavaliers team posted by The…

Not Just Important, But Immensely Valuable

February 18, 2020

Not Just Important, But Immensely Valuable February 18, 2020 Recently I sat with an older business owner who is a 50-50 partner with a relative. They’re getting closer to that inevitable time when they are transitioning out of the business, and there are problems. The relative’s behavior is erratic, and the business has some unique characteristics which will make a sale challenging. This owner was wondering how he would navigate all this, a situation which could turn into a quagmire…

The Red Flags of Inadequate Pricing

February 17, 2020

The Red Flags of Inadequate Pricing February 17, 2020 Recently I was on a discovery call with a videographer. This man has been in business for five years, and he felt like he needed to make some major changes to his business if he was going to achieve goals he’d set for himself. About 15 or 20 minutes into the conversation, I told him, “I can tell your pricing is too low.” “How do you know that?,” he asked. “I…

How a Higher Price Makes You More Competitive

How a Higher Price Makes You More Competitive

February 7, 2020

How a Higher Price Makes You More Competitive February 7, 2020 I was with a videographer the other day who I’ve had multiple visits with on his pricing. “I raised my prices again,” he said. He went on to talk about the benefits he received from that move, including weeding out clients who aren’t a great fit. “It’s made me more competitive, too.” That comment raised my eyebrows, as most entrepreneurs think higher prices make you less competitive, not more.…

It’s Not Your Content That’s Proprietary . . . It’s YOU

January 21, 2020

It’s Not Your Content That’s Proprietary . . . It’s YOU January 21, 2020 I’ve been working with a few solo professional services providers—all of them fit in the general category of coaches–who are worried. They think that other competitors are trolling them and stealing their content. I’m sure they’re probably right. However, in this age of Google search, cell phones which seem better at taking pictures and videos than making calls, and massive amounts of information available at your…

Finding the Ain’t

January 7, 2020

Finding the Ain’t January 7, 2020 In the work I do as an outside CFO and business advisor, I rely on CPAs to handle tax work for my clients, as compliance work such as taxation is not my expertise. Recently I had a series of different meetings with a client and a few prospective CPAs. After we’d completed our interviews, I asked my client which one he preferred. He told me his favorite. “Why did you like him?,” I asked.…

Quoting Rates and A Failure to Learn

January 6, 2020

Quoting Rates and a Failure to Learn January 6, 2020 Do you want to be a commodity or a problem solver? If you want to work with clients who are a better fit for you and earn higher prices for your engagements, then the answer is clear, right? If, however, when someone asks the “what are your rates” question and you respond by quoting figures and sending out a price list, you are in the “red zone” of positioning yourself…

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