When working with business owners, I’ve noticed that too many of you are leaving anywhere from $30K to $100K on the table by not paying attention to your cash flow and profit.
Could you be leaving money on the table by:
- Working with the wrong clients?
- Not following up on leads?
- Not making offers?
- Not proposing ongoing services?
- Doing too much for free?
While we can’t address all of those issues, in this week’s podcast episode, I share 3 quick ways you could stop leaving money on the table (listen here).
But for today, here’s one way you can QUICKLY increase cash flow (and profit) without scrambling for new clients. Actually, I’ll let you in on a secret that I share with every single client I work with…
The quickest and most efficient way to increase cash flow and profit is….
Drum roll, please…
Something you can do quickly and easily – starting today.
I bet it is something you haven’t done recently.
Guessed what it is …
RAISE YOUR RATES!!!
There it is.
Just raising your rates ever so slightly will increase cash flow and profit. In almost 40 years as an entrepreneur, I’ve never seen a 10% increase in rates cause a business to lose dream clients.
In fact. this week, I was chatting with a client about her rates. She mentioned that she submitted a proposal and the client IMMEDIATELY said yes. That led us into a conversation about whether her rates could have been higher.
So, I challenged her to raise her rates. Because her business is based on submitting proposals, and because she was reluctant to raise her rates, I suggested that she create her price in her usual way and then add another 10-20%. Each time a proposal is accepted at the new rate, she has validation that her new higher rate is acceptable. Sell at the new rate a few times; and then increase her rates again. I suspect that in 2023 she will almost hit her new income goals by just continuing to raise her rates.
Is that something you could do? (Leave me a reply)
So here’s a challenge and a game plan for you to stop leaving money on the table and add to your bottom line…
Raise your rates and follow this GAME PLAN:
1. Decide on your new rate – even 5 or 10% can add 5 or 10% to your profits!
2. Announce the new rate by email or mail to your current customers
- deadline to purchase at the old rate until ______
- show them the savings if they purchase now
- current clients – give them 2-4 months’ notice that rates will increase by XYZ date
3. Effective immediately, all new clients will be charged the new rate
4. Don’t chicken out – develop your BOLD muscle
Don’t forget in this week’s episode of the Grow Equation business podcast, I’ll share two other ways you can stop leaving money on the table without hustling for new clients!!!
Podcast Episode 62 ** Are you Leaving Money on the Table –3 Quick Ways to Increase Cashflow ** Listen here.
YOU CAN DO THIS
P.S. You might notice a few scheduling changes to my newsletter in the next weeks. Have no fear – I’m not going anywhere – I’m just trying to improve my marketing in 2023!!