As the market changes you have to adapt if you want to produce more income. In this month’s Growth, Leadership, and Management Tip I’ll show you how to maintain the margin that will bring in the profits you need to really grow your business.
If you look at it, a great market can actually mask poorer fees, so as the market comes off even a small drop in your percentages will put you in big trouble. This makes a great case for charging higher fees since you’ve got to get that income.
The customer will pay for results, so find out the upper echelon of what the customer is willing to pay while still feeling like they’re getting a good value. Then decide what you’re going to do around setting your fees.
I want you to have that conversation about how you price your services to make sure there’s clarity with the people inside of your business, because getting clear around pricing is the number one thing that will take you to super profits.
It’s important to understand that selling your services for less than what it costs you to provide them can lead to outcomes you don’t want. You must maintain the margin in order to produce a profit that you can then invest in your business and allow it grow.
I hope you’ve enjoyed this month’s Growth, Leadership, and Management Tip, and I look forward to seeing you here again next month.