Business success is something I see being both overcomplicated (i.e. $25K “blueprints”) and over-simplified (i.e. “Just work hard and get your name out there.). Bottom line: your business growth is dependent on your willingness to plan strategically and execute consistently. Getting your name “out there” doesn’t work. Getting your clients / market / patients IN HERE works. (In here, you know, where YOU get paid.) In an effort to simplify business growth strategies, to give clarity to our members and readers, I’ve created the following list of 5 Business Tips You Can’t Afford to Ignore.
Tip 1: Know Your Market Intimately.
How WELL and how EFFECTIVELY and how PROFITABLY you market and sell hinges on how much you know about your target market.
Additional Reading: Here’s a list of what you should find out about your market when doing some informal “market research.”
Danger Zones: Don’t ever ASSUME you know about your market. Don’t ever ASSUME they’re “like you.” If they’re not responding, get to know them better.
Action steps: Ask the last five that bought from you, “What was “right” about my ask? What was most important to you?” Also, put on that thicker skin and ask the last five that didn’t buy from you: “What am I missing? What was the stumbling block for you? What could I have done better?”
Tip 2: Price for Profit.
Your pricing speaks for you. But only always. So, you want it to speak of value, of worth. Trust me, you can lose as many gigs/clients/members for prices that are “too good to be true” as you can for pricing that seems “too high.” Furthermore, for every person who thinks your prices are too high, there is another — more ideal — client that will think your pricing is “reassuringly expensive.” Do NOT sacrifice profit in an effort to land a client. EVER.
Additional Reading: Learn how to say “NEXT!” in this article. Get your free “best pricing strategies“ download here.
Danger Zones: Believing your clients when they say they can’t afford it. It’s ALWAYS that they won’t. NEXT. Another client will cheerfully pay your fees.
Action Steps: Look at your pricing. How does it make you feel? Raise your fees and / or create a premium option. Choose carefully regarding whether to raise your rates on existing clients. I don’t, but that doesn’t mean you can’t or shouldn’t. Just consider this option very carefully.
Tip 3: Never Need a Client. Ever.
In other words, keep your pipeline full. Do something every day to market your business. And, to be clear, “marketing your business” is defined as generating leads. So, generate leads. Every day. This will keep you from compromising your integrity, your pricing or your reputation by taking on the wrong client.
Tip 4: Ask for Business.
Do not make the client responsible for asking to work with you. Please ask for the business you want. Propose. Detail. Present. Get excited about the ask. You should ask for business because you’re excited about what you can do (or what your product can do) for your potential client. You should ask for the business because it would be a shame for them NOT to work with / hire you.
Tip 5: Stay Away from Treadmillers.
Treadmillers are those in business who are always bartering. Always talking big… but doing small. They’re always “on the cusp” but never quite there. They’re talking to each other. They’re not measuring in their business. They’re — frankly — playing business. And this child-like approach to “business” is costly. Surround yourself with like-minded, driven professionals instead.
Additional Reading: Read more about being on the “treadmill” of business here.
