“Give a man a fish and he will eat for a day.”
“Teach a man how to fish and he can eat for a lifetime”
“Teach a man how to price the fish.. and he can retire on a golf course…”
Okay I made up the last part but it’s true.
Let me give you an example.
Pete came to me frustrated with the low digits in his bank account.
He was working crazy hours, handling more customers than ever before, and yet at the end of each month he was one slip from a banana peal on the floor, going to the hospital and having the business go down the drain calamity away.
Last couple of years he had invested a great deal in getting new customers and it was showing – they were coming in droves..
But the cash at the end of the month when he checked.. flat .. consistently…
Month after month…
“George, I don’t get it.. I’m profitable, 3x as big as before and yet I’m still in the same place..”
We look at his model..
“If we increased your volume by 10% what does that do to your profit? (assuming no new staff or other costs needed)?”
Goes up by 10%….”
Yeah indeed… no surprises so far..
“And if increase your prices by 10%…. (assuming losing no customers)…
Your profits would go up 60% !”
“Yeah but I might lose customers by raising prices 10%..”
“Look, when customers bolt they only do so because of price less than 15% of the time. You are 4x as more likely to lose them from pi**ing them off or taking them for granted…
But let’s say you have cheap customers obsessing about your prices.
You could still raise your prices 10% and even lose nearly 40% of your customers and you would still be earning the same profits that you are getting now…
And with much less headaches and hours spent on aggravating issues.. or people.
So when was the last time you looked at the prices you charge?”
Is your pricing empowering you or holding you back…
it was a topic we talked through in our last Owner’s Table and a topic for an upcoming Advisor Mastermind.
Come find out more about pricing and whatever conspires to keep you up at night.
You can grab your invite to sit at the table here.
P.S.
Starting in November, I’m looking to work one-on-one with 7 very specific 7-Figure Business Owners who want to put their retirement plans back on track by transforming their business into a premium, sellable asset in as little as 90 days.
We’ll do this without wasting your money and time on … products or services that provide little to no growth, inconsistent cash flow dead ends, and pricing mistakes that cause you to leave too much money at the table – both today and tomorrow.
So if you:
1. Own a thriving 7-figure business:
2. Plan to Retire within the next 60 months by selling your business:
3. Need to secure a favorable sale price to fulfill your lifetime financial dreams:
4. Are anxious or have already been disappointed not to receive the value you believe your business deserves.
5. Open to innovative strategies to maximize your business’s worth:
6. You’re friendly, eager to learn, and comfortable with being held accountable.
7. Ready to seize the moment and act now:
8. Able to dedicate at least 60 minutes per week to transform your business’s future:
Just reply with the word “ASSET” and I’ll get you all the details.