Pricing help: Do you track your hours?

Do you track your hours? Unless you provide an hourly-based service (such as administrative assistance or transcription and editing services, for example), it’s highly probable that you don’t. However, when it comes to improving your working practices and charging your worth, it’s something you really should consider. Here’s why.

Do you need to track your hours?

It’s so easy to get sucked into spending a whole load of time on a project or task that isn’t that important. Maybe you find yourself working too many hours and need to know where to cut down. And just maybe you have no clear idea on how to price your products and services, simply because you don’t know how long they took you to create. 

Tracking your hours is crucial to your business efficiencies, working practices and your working routine. It helps you know several important things about your business and how you work, including:

  • Where you’re spending your time.
  • How...
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Pricing help: Do you pay yourself a proper salary?

As a topic, pricing is one that often leads to the most heated conversations amongst business owners. However, it’s also an area that a lot of people struggle with and have questions about. But if you want your business to grow and earn you a decent wage, pricing is something you need to consider and talk about. And if you’re still looking to price by the hour, it’s a conversation we need to have!

Last week we looked at one of the biggest pricing dilemmas - the importance of putting your prices on your website. Now, we’re going to look at why it’s so essential that you don’t price by the hour and what other options are available to you.

You need to know how much per hour it costs you to run your business

No matter how you price your services and products, It helps to know your hourly rate. Primarily, this is so you can accurately reflect the time spent on something and factor that into your pricing decisions. It isn’t a figure that you share...

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Pricing help: Don’t price by the hour!

As a topic, pricing is one that often leads to the most heated conversations amongst business owners. However, it’s also an area that a lot of people struggle with and have questions about. But if you want your business to grow and earn you a decent wage, pricing is something you need to consider and talk about. And if you’re still looking to price by the hour, it’s a conversation we need to have!

Last week we looked at one of the biggest pricing dilemmas - the importance of putting your prices on your website. Now, we’re going to look at why it’s so essential that you don’t price by the hour and what other options are available to you.

You need to know how much per hour it costs you to run your business

No matter how you price your services and products, It helps to know your hourly rate. Primarily, this is so you can accurately reflect the time spent on something and factor that into your pricing decisions. It isn’t a figure that you share...

Continue Reading...

Do you put prices on your website?

Uncategorized Sep 02, 2020

Pricing is a very controversial subject for many businesses, especially when it comes to advertising them. So do you put prices on your website? Or are you firmly in the ‘no prices on show’ camp?

I recently carried out some research on pricing in my business community and it threw up some interesting opinions.

So, I thought I’d give you an overview of those opinions, along with my view on the subject.

Why don’t people put their prices on their website?

If you’re not putting prices on your website, it’s normally down to one of the following three reasons: 

  • You want to demonstrate the value you give, first, by getting potential customers on the phone.
  • You want to show why you’re better than your competitors and having prices on your website detracts from that.
  • You don’t want competitors knowing your prices, as they may undercut you.
  • You also don’t want to be open to judgements and opinions about what you should have your...
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Do you know how much it costs per hour, to run your business?

Uncategorized Aug 26, 2020

In my line of work, I speak to a lot of business owners, and one thing is clear. So many of them are burying their head in the sand when it comes to their business numbers. And, if you don’t know how much it costs to run your business -  it’s a big problem for you too.

You need to find clarity around your numbers if you want to manage your business effectively. Because, not only will it help you transform your business, but it will also free you up from a lot of stress and overwhelm!

So, what do I mean by numbers and is there a way to work out the numbers you need?

Let’s look to get some clarity around it.

Do you know your business numbers?

Have you looked at how much it costs to run your business? When you run your own business, it’s easy to get sidetracked on the marketing numbers you need to get a good ROI on your advertising - such as conversion rates and email open rates etc.

But you also need an idea of your minimum costs for your business. Numbers...

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What's your pricing personality?

Uncategorized Aug 19, 2020

Do you know what pricing personality you are? These four personalities are something that can help you see your weaknesses and issues around money and pricing. They also indicate how to remedy them, making them super-valuable to your success.

Because let’s face it. If you want to become a more successful business, you need to understand where you’re losing money through your actions and beliefs.

As mentioned in Tackling your pricing gremlins, your pricing personality can play a big part in identifying the limiting beliefs and traits you have around pricing. You can then look to tackle the pricing gremlins that have been plaguing your business and holding you back.

So, if you’re wondering what those four pricing personality types are, here’s a quick rundown on each.

Pricing personality #1: Overpricing Orla

As an Overpricing Orla, you’re pricing based on what you believe you’re worth, but you’re not necessarily showcasing the social proof to...

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Tackling your pricing gremlins

Uncategorized Aug 12, 2020

Pricing is one of those topics of conversation that can get heated very quickly. For many small businesses, in particular, it’s the type of conversation that will bring up those pricing gremlins you have around pricing your products or services.

But it’s those pricing gremlins that can hold you back if you don’t get them sorted. 

So, let’s take a look at the typical pricing gremlins that could be affecting your business growth.

Pricing gremlin #1: Copycat pricing

It’s great to research what other, similar businesses are charging, but use them as a guide, not a rule. Other people’s pricing doesn’t factor in the results you can get for your clients, your abilities and expertise. 

And it certainly doesn’t factor in your costings and time, so you need another strategy.

Instead, before you price anything, know what your minimum costs are. [Don’t worry if this sounds overwhelming - I have a pricing calculator that can help...

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5 reasons you need an accounting system

Uncategorized Jul 28, 2020

I get asked a lot whether you need an accounting system to run your accounts, so I have put together 5 reasons you would want an accounting system.

 

You are a limited company

If you are a limited company, you need an accounting system.  The requirements for submitting accounts and tax mean it is a huge advantage to have an accounting system and would save on year end accounting fees.

 

You are VAT registered

If you are VAT registered or plan to be, even if you are a sole trader, Xero can submit your VAT return at the press of a button.  It makes a huge difference to managing VAT in your business. 

 

Your business is complicated

Your business may have several revenue streams to manage, or payroll to pay, or be in business with someone else.  Or you are a product business with stock to manage.  Having a system, rather than a spreadsheet makes managing your business much easier.

 

Real time information

Having information and knowledge at...

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5 reasons to be a limited company

Should I be a limited company?  I get asked this a lot, and the answer is it depends on your business and personal setup.
 
But in general, it is because of 5 key things:
 
1.      Liability insurance
2.      Employing people
3.      Business partner
4.      Tax & control of income
5.      You want to be seen as a bigger business than you are.
 
Liability
 
Liability is a critical one. If you have insurance of any kind and you are a sole trader, if the insurance is inadequate, you are liable for your personal assets (house, car etc). So make sure you have adequate insurance cover especially if you are a sole trader.  It’s the main reason I am a limited company, to protect me professionally.
 
Payroll
 
If you are employing people a limited company gives you a legal framework to work...
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Which part of your business makes the most money?

Which of your products and services make the most money? Is it the one you love to sell? Or is it the one that is really low priced but you sell loads of?

In a business where you offer several different streams of income, you need to know which ones make you money. The ones that take a lot of effort might be making you no money and you need to think about how to generate more money from those that are bestsellers.

To do this, you need to know your cost per product or service.

Service businesses 

In your business, you maybe offer a course, 1:1 coaching, workshops and an ebook as an example. There will be some direct costs (you only incur if you do the work), such as the hire of a venue, or paying a speaker, plus affiliates and associates.

Then there are the indirect costs (overheads). These include, your website charges, social media, VA and so on plus paying yourself. This is everything else, basically, in your business. You need to work out how much this is per hour by taking...

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