The Only Two Levers That Impact Your Profits and Time Spent in Your B2B Business
Episode 619: Show Notes
Many people ignore the things that can really move the needle in their businesses because they often seem deceptively simple. We want to help you understand these simple ‘levers’ and use them correctly, because we can guarantee that they will improve your business in more ways than one! In this episode, we let you guys in on the not-so-secret levers that will allow you to continue to prosper and create more profit in your business. Hitting ceilings of time and money are an inevitable part of running a business, but your ability to adjust the levers that talk about today is a superpower that you will always have.
Tuning in today, you’ll find out how to decide which of the two levers you need to pull next in order to increase profits or get more of your time back, how to start with a life-first mentality when shaping your offers and price, and the self-reflection questions you can ask yourself when you've hit an income and capacity ceiling, plus so much more!
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Choosing Which Lever to Pull
The first lever is price. If you are consistently booked out and it doesn’t make sense to bring on additional clients, then more leads is probably not the solution for you. Instead, you need to increase your rates. What we see too often is the disconnect between the impact and value of an offer and what is being charged for it. We want you to have to turn less people away! If that sounds strange to you, it won’t anymore after listening to this episode.
If you really don’t want to charge more for your services, the other lever that you have control over is the amount of time you are spending on a project. In order to spend less time on a project you may have to change the scope of the project and reduce the deliverables to make the price and the time more aligned. If you’ve been giving a lot of free time away, you need to learn to put in boundaries!
Embracing a Life-First Mentality
Doing a time study is a very valuable tool which will help you truly understand the tasks that are taking up the biggest portion of your time. Once you’ve done this, you can figure out how to save time because, after all, time is our greatest resource and it’s limited! This is the foundation of the life-first approach that we are passionate advocates for! We have worked with clients who have done time studies which have completely transformed their businesses and, therefore, their lives. It’s so important to keep the bigger picture in mind when making business decisions. Remember: there is no one-size-fits-all approach to designing the pricing and time structure of a business!
Questions to Ask Yourself When You've Hit an Income and Capacity Ceiling
Before you make a decision about what you are going to charge for your services, the first step is fully understanding your niche and what the area of opportunity of pricing is within that niche. Ask yourself questions about the people you want to serve, what you are offering them, and how you stand out from other businesses in a similar field. After you’ve sufficiently addressed that filter, the next step is to think about the kind of business you want to be running. Do you want to build lifelong relationships with your clients or adopt more of a one-and-done approach? What kind of impact are you hoping to have on your client base? These are big questions, and it may take you some time to answer them properly, but trust us when we say it will be worth it!
Quote This
You don’t have to offer the kitchen sink to every single client.
Highlights
Choosing Which Lever to Pull. [0:06:03]
Embracing a Life-First Mentality. [0:10:28]
Questions to Ask Yourself When You've Hit an Income and Capacity Ceiling. [0:22:07]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
KEY TOPICS
Levers, Pricing, Opportunities, Time, Balance, Boundaries
