One of the reasons I love to travel is to gain perspective and keep it real…as they say! Right before I left for New Zealand, I realized something needed to change in the way I was running my company and marketing my business. I love what I do! I didn’t like the way I was spending my time. And the re-occurence of a health issue forced me to take an even closer look at what wasn’t working.
I decided to re-evaluate everything! I am suggesting you might want to reconsider your business options too. Especially before the start of a new year. It is so easy to get caught up in running your business just like everyone else does. And spending precious time in places where you feel like you belong but it isn’t really helping you or your business move forward.
As mature business owners, those are some of the important decisions we have to make. Those decisions play an important role in being able to avoid profitability pitfalls. Those pitfalls not only cost us money, they also cost us emotionally. We feel like we have been left behind or that we aren’t effectively reaching our customers in ways that are meaningful to them. And that hurts.
Here are 3 areas to re-evaluate and consider what you might change for next year. Doing this can make a big difference in your ability to build a PROFITABILITY POWERHOUSE!
1. Time! Make a list of the ways you spend your time. Next to each write down the percentage of time you spend doing that task. Then write down how profitable that task is for you. When you have completed your list, see if the way you spend your time is actually paying you back. If not, re-prioritize your time and start spending more time doing the things that pay you back. After I did this, it was obvious the way I spent my time was out of balance with the results I wanted to produce. Guess what? This is changing the choices I make going forward. It has already made a big difference in getting new clients!
2. Energy! Believe it or not, I think how we use our energy has the biggest impact on how profitable we are or are not. It is so easy to get sucked up into spending time socializing online, giving unpaid advice in forums, or relying solely on a coach or mentor to fix our business. Some questions to ask yourself: Are there groups that you are in that don’t fit your needs or brand anymore? Are you spending too much time on social media which gives the impression you are not running a “booked solid” business? Are you passively expecting the people you hire to do everything for you? Are you a member of a group because it feels good to “belong” but it contributes nothing to your bottom line? Are there other groups that would benefit you more and have you been reluctant to change?
3. Money! I am going to challenge you to really think about your business differently because you could being making sales harder for yourself. CONSOLIDATE! If you offer too many options, you increase the time it takes for your customer to make a decision. It’s called a LONG sales cycle. In addition, your customer might go away because it is more clear what they get elsewhere. Find the sweet spot in your business. What is the one thing you love to do the most? Organize your products and services by building out from your zone of genius. Limit the price levels and options so you sell more easily what people need! Bundle the highly desired items with your higher price points. Make less options available and watch as people step up and buy your higher priced offers. And….lest I forget to say it…raise your prices by a minimum of 15%. No really….do it!
This is the process I went through and now I have the business I always wanted. The really cool thing is….new clients are finding me. I only have two package levels and it is obviously clear why the higher priced one makes sense…and it’s includes what I do best.
I am now convinced creating synergy and synchronicity are the new ways to market one’s business!
I truly hope this article has been helpful for you.
