Is It Time To Raise Your Prices? It’s a question that every entrepreneur must ask him or herself during the course of running a business. Whether the cost of goods to manufacture your items has increased or if you offer services, you need to determine whether your time is more valuable than it was durng the start-up phase.
There are many reasons to raise your prices, but it must be done smoothly and you need to let your clients know well in advance of the increase. Look at big companies like Starbucks. It recently raised the price of a cup of coffee by 10-20 cents and the cost of its other drinks even more. It was not a secret. News was shared online and across social media. Customers needed to decide before they got to the drive up window whether that cup of coffee was worth the extra money. Give your clients time to answer that same question.
Don’t justify the increases, but do let your cilents know. Onboarding new clients won’t be an issue because they don’t have a history with you and your pricing. Here are things to keep in mind if you’re raising your prices.
Don’t assume that if you switch to lower cost components to manufacture your products is the way to go. If the quality falls, your clients will let you — and others — know.
Raise prices on new clients, not on current ones. This may not work, but it’s something to consider.
As mentioned, give them advance warning. If your current clients are happy with the goods and services you provide, they may not balk at an increase.
Is it time to raise your prices? How do you decide?
As a business coach it’s my job to look at your entire business when we are talking. One thing I look at is your business bio and I ask, “is your business bio doing its job?” You may not know if it is — or if it isn’t. Your business bio is your online, 24/7 calling card to the universe.
Your business bio needs to be robust, tell people what you do and how they can work with you. The messaging on your business bio needs to be consistent and consistently branded no matter where you’re sharing it. Keywords are also part of the bio as that is how people will search you out.
To grow your business, garner speaking engagements and drive people to your website a business bio can be your best friend — or your worst enemy. Take time to craft a robust bio (one that is searchable for your niche).
Is Your Business Bio Doing Its Job?
Go to all of your social media platforms, your website, your blog and look at your business card and determine whether your bio needs to be updated and/or adjusted.
It’s not one-size-fits-all. Your bio or your profile needs to be adapted and adjusted to the audience with which you’re interacting.
Qualifications. If you’re twenty years out of high school or college, do you need to highlight your college or high school achievements? Haven’t you done anything since then that’s notable? For what do you want to be known? What have you done to highlight that unique skillset? Highlight that in your qualifications and remove, “captain of the wrestling team” from your qualifications and bio — unless it remains somehow relevant.
Specialized training. If you’re a lifelong learner — and most successful entrepreneurs are — make note of that. What do you do that makes you stand out from the competition? Add it into your bio.
Contact info. Crafting a great bio is the first step. Once people have found you, have you given them a way to get in touch with you? I have seen numerous websites where there is no contact email or phone number. Make sure you have an easy way for a prospect to reach you.
Professional photo. A photo is a must. I will not accept a connection request on LinkedIn if someone doesn’t have a photo. Why would I? For that matter, why wouldn’t you have a professional photo? Hire a photographer and get photos taken. Unless you are in the pet industry, don’t have your dog or cat in the photo with you.
Is your business bio complete? Is it robust? Are you using keywords? If you have questions or doubts about your bio, reach out, I can help.
When you meet someone do you form a first impression? Of course you do. We all do. When someone meets you, what do you think they see? What is your personal brand? Do they find you shy and introverted? Outgoing and boisterous?
When you attend a networking event or even meet someone in line at the grocery store, what impression do they form of you and how could that impact — negatively or positively — on your business brand?
What is your personal brand?
Your personal brand is tied closely with your business brand. Imagine this scenario. You’re a CPA who works in a high end accounting firm BUT you attend networking events in tie-dyed t-shirts and sneakers. What first impression will a person make of you? What first impression do you want to make? Appearances do matter and in some businesses you’re able to wear tie-dyed t-shirts and sneakers and the potential clients with whom you’re interacting won’t bat an eye. In other instances, though you do need to “look the part.”
When you’re at a networking event, what is the personal and business brand you’re putting forth? Have you ever stopped to think how closely tied they truly are?
What can you do to position yourself and your business and your entire “brand package”? Here are our tips and advice:
What makes you “you” unique. What is your USP (unique selling proposition)?
Have your colleagues said to you, “We come to you because of the XYZ you offer. We can’t find that anywhere else.” That’s branding.
How do you differentiate yourself from your competitors? Your origin story? Not just super heroes get to have origin stories. The way in which and the reason for which you started your business is your origin story and should be shared because it sets you apart. Do you set yourself apart with price, service, speed with which you deliver? Hone in on your differentiator and promote it.
First impressions do count, but ongoing interactions matter just as much in the business world. Don’t you agree? What can you do today, or the next time you meet with a potential client or a current client to keep your USP front and center while still having relevant and meaningful discussions?
As entrepreneurs we know that not every task we perform is fun or sexy, right? Maybe not, but they are necessary for business growth, forward momentum and success! Here are some essential business tasks that entrepeneurs need to tackle whether we want to or not!
Essential Business Tasks
If you can delegate any of these tasks, then you should. Remember, you are the brains and the brawn behind your business. Delegate those items that don’t require your unique expertise to accomplish.
Be the company sales man. Sure, you can hire sales people, but when you’re just opening the doors, YOU are the sales man that needs to be out there pounding the pavement, shaking hands and making sales. You know the best way to share your company message and you are the best and most knowledgeable person on the team, right? Once you’ve grown enough to bring on a team, you can share with them your experience on what worked, and what didn’t when you were out making sales.
Send out invoices and pay the bills. When you’re a fledgling business you want to know what kind of money is coming in and what’s going out. What better way to do that than to be involved in the day to day collection of payments and paying of bills?
Setting up business systems. Your systems can change and morph as the business grows, but when you’re starting out, set up systems that make sense to you and tweak them as you grow.
Communicating with your team and your clients. Remember, take care of your clients, especially those who came on board when you were starting out. Thank them for sticking with you by offering stellar customer service.
Go to work. It is easy to sit back and think, “I’m the boss, I don’t have to go to work if I don’t want.” That certainly is one of the benefits of being the boss, but that can backfire and you could lose your momentum and not make a profit. Be passionate about what you do and show up.
What are some tasks that you consider essential to your business?
Cryptocurrency. Chances are you have heard the word bandied about. You may have an in depth knowledge of it or you may still be scratching your head and wondering what is cryptocurrency. I’ve put together a few cryptocurrency basics to help you gain a bit of an understanding.
Cryptocurrency Basics
Cryptocurrency (a populra one is Bitcoin) took the world by storm, it seemed in 2017. It’s also known as digital or virtual currency. Much the same as other currencies, cryptocurrency allows its owner to buy goods and services with it. The concept is sometimes difficult to grasp but here are a few things I have gleaned in my research.
It is a form of payment you can use in exhange for goods and services. In some instances you will need to trade your cryptocurrency for real currency to access some services.
Cryptocurrency operates on a technolgy called blokchain — a decentralized technology that manages and records transactions.
As of this month (January 2018) there are about 1,500 cryptocurrencies trading hands. It’s estimated they will continue to proliferate.
They are popular because they are viewed as “the currency of the future.” Other people like that it is a decentralized currency.
Are they a good investment? Some say yes, others say no. The cryptocurrency goes up in value and it goes down in value, much the same as real currency.
You can buy cryptocurrency through any of a number of different companies. You will buy it and store it in an online wallet that you have registered to use.
Cryptocurrency is legal.
Many people who use cryptocurrency, currently, are those who are not adverse to some risk and uncertainty. You need to know how you feel about this rollercoaster ride before you jump in. To protect yourself in the cryptocurrency market you will want to know: Who owns the company you’re purchasing it from, who the other investors are, how much of a stake will you own and will it be in the company or in the cryptocurrency you’re buying, it is already developed or are you jumping into a start up?
Be aware, though, it is more of a conversation than can be had in a blog post. If you have questions, are curious or want to gain a deeper understanding, reach out to me. Let’s talk.
What do you want to accomplish in 2018? What did you leave unfinished in 2017? We have put together some tips to boost your business growth in 2018. You don’t have to implement everything all at once — in fact I recommend you take it one at a time. Test. Measure. Repeat!
Boost Your Business Growth In 2018
What is your business? No, really what is it? Who is your ideal client? What is your core competency? So many business owners get fractured in their businesses and spread themselves too thin and after a point, they aren’t certain who they are or what their business is.
Get back to basics. What brought you your initial success? Do you have clients who have been with you since the beginning? Get back to basics and make sure you are taking care of those individuals who have been with you.
Cultivate multiple streams of income. While you don’t want to spread your business message too thin, you also want to have other streams of income to fall back on. What is your core business and how can you make multiple streams of income from it?
Who is your target market? Are you reaching out to them? Where do they congregate online and are you there with your business as well?
If you are a multi-passionate entrepreneur write down your passions but pursue them one at a time.
Know your budget and work within it. Don’t spend money you don’t have. Start small, grow from there when you have the funds to do so.
If you’re jumping into business ownership this year, make certain you have a business plan in place and understand the strategies you will take to make your business a success. Your business plan should have your mission, your vision, your ideal client, what you will be charging and how you will measure your success.
Need help with your entrepreneurial idea but aren’t sure where to begin? Reach out. We can help.
