Sally is an accountant with 25 years of corporate experience working for organisations such as Channel 4, Guinness World Records and Philips electronics. But she is a far cry from your typical boring bean-counter! A lover of high heels, diet coke, chick lit and dark chocolate she also has a fantastic track record for helping companies get a head around their numbers.
Over the past five years she has focussed on helping small businesses with their pricing strategies, customer journey and product offering to improve profits and business growth.
Like what you hear? Don’t forget to rate and leave a review to help spread the word!
Learn how pricing by the hour punishes efficiency and ties you to time for money. Sally’s pricing personality quiz will show if you’re running a business or a hobby; are you an Underpricing Una, an Overpricing Orla, a Discounting Donna or a Generous Gina? Learn how to do a reality check on your business and discover an easy start to pricing strategies with her pricing calculator. How do you talk about your business to clients? Sally asks you to consider the language you use and the transformation that you are offering.
Take Sally’s pricing personality quiz
Sally’s pricing calculator
Like what you hear? Don’t forget to rate and leave a review to...
What even is a CFO? A CFO is a Chief Financial Officer or Finance Director (FD).
Every big business has a finance director or CFO and they are needed to keep the financial affairs of the business in line and to provide valuable financial management information to the business. They are your trusted adviser and translator of the numbers!
In small businesses you don’t need a full-time FD/CFO but you do still want to know what your numbers look like on a monthly basis and have someone checking on a regular basis. People often think that they can’t afford to have finance support in a business. This is very different from a year end accountant where they are producing the statutory returns for your business. They are not there to analyse your business and understand your business in detail but merely to submit the tax and legal requirements.
If you just have a year end accountant, this can mean that you only look at your accounts once a...
Everyone's selling an online course or membership these days aren't they? They are the best way to make "passive" income in your business, right?
I think it is something to think about, but it's not for everyone. There are a few things to consider first.
Is it right for you?
Do you want to run your business online? Or are you likely to run your business in person (once we can)? Do you want passive income in your business?
We all think a course or membership will boost our income, but it's generally not a short term fix. If you do most of your business via referral or word of mouth, you likely don't have a big email list to sell to, which will take time to build.
Do you enjoy creating content or do you find it a chore? Some people would rather do 1:1 coaching and not have the hassle of creating something and having the tech to go with it. Although it can be low tech to sell a course (you just need a PayPal button), over time you might need to have a website for them to go to.
Following an email last week on this topic, I decide to expand on when you should work for free.
Generally, I don't agree with working for free. When someone asks to pick your brains, or grab a coffee, you are giving away your time and expertise for free and you should be looking to offer a power hour for this. If you need help with this, my Creating and Pricing your Power Hour masterclass may help.
Be careful of expressions like "it will be good exposure for you" or "it will raise your profile".
Is this something my paying clients would expect to pay for?
Is it part of my core offering that I would give away for free?
Is this audience one I can't get in front of normally?
Does this actually raise my profile and have me down as an expert?
Is this going to be a lot of work and no reward?
I've done this quite a lot over the last 6 months and have done podcast interviews and have been in Janet Murray's membership a lot. It has gained me new clients and it has...
2021 has started off being a tough year. We thought we'd left behind some of the woes of 2020, but unfortunately, that's not the case. And lots of small businesses are struggling.
If you are struggling with managing homeschooling, your business and all the other demands at home, you are not alone. The uncertainty can make it very difficult to plan anything and balancing your energy can be really important.
Also, if you are just working all the time (maybe you don't have kids but are stuck on your own at home), there is a temptation to just work all the time, and never have a break.
Look at what brings in the most money with the most ease in your business. If you offer a 1:1 service, could you do more, rather than sell something like a course, which won't get you much, but a 1:1 would net you more.
Do short term things if you need the money right now. Go out to your "hot" leads - these are mostly existing or previous clients or ex-colleagues. Ask them if they know anyone who needs...
As my business turns 3 on 13th February, I've been reflecting on things I wish I'd known or done when I started out.
1) Outsource as early as you can
I waited for ages to get my amazing assistant Louise, and my web designer Lisa, but they have transformed my business. Don't wait until you are collapsing under work to outsource. Get someone to start small and grow with you as your business grows.
There is a saying that you should get someone when you can afford 50% of their fees. I think it's a good rule of thumb to get you started.
If you find it hard to delegate, just do a few hours or tasks to start with. I find I can't outsource email easily but have no problem with social media posting.
2) Don't be afraid to experiment
I've tried all sorts of things in my business. I started as a freelancer exchanging time for money (as most people do). Then I discovered online courses and email marketing, and I have experimented with various offers, some more successful than others.
It’s so important to have an accounting system in your business. It doesn't matter how small you are or how big you are, everything is made easier by having an accounting system.
I am Xero certified because I love it, and I highly recommend Xero. I find QuickBooks really clunky, so if you're choosing between QuickBooks and Xero, I'd say Xero every time.
Why do I need an accounting system?
Having an accounting system will save you lots of time in the long run. It will also save you time in the short term by having all your invoices sent from the system, help you collect money via GoCardless and seamlessly match it all. Plus If you have an accounting system like Xero, you can connect up your bank, Stripe and PayPal. This makes it very easy to keep track of your numbers, because every business needs to know what their numbers are.
You can also take photos of your receipts when you are out and about (when that can happen again!) and then all receipts and invoices are in one place...
Which product or service makes you the most money in your business? Do you even know this?
If you have lots and lots of products and services in your business, you need to really think about focusing that down, and knowing which ones really make you money. But do you know how much money they each make?
If you offer one to one consultancy, is that actually worth doing? If you do a course, is that worth doing?
I want you to think about how which products and services in your business make the most money. And then you can make some conscious decisions about the best way to manage your business.
Start by looking at the split of your revenue. Look at your revenue for the last 12 months ideally, but whatever you can pull out. Look at how much you made from each of your products, how much time they took you take you to deliver each time.
Let's say you have one to one consultancy. Look at how much one to one time you actually spent and how much revenue you...
I think all service businesses (and some product ones too!) should have a power hour as part of their portfolio. It's a chance for people to work with you at relatively low cost, and you can get a result in an hour for the client.
It also deters time wasters who just want something for free.
What is a power hour?
A power hour is an hour of your time where you solve a specific problem for that client. So for me, it is pricing a specific thing, or increasing your profit in a certain area. I can't solve all of your pricing problems in an hour, so it's best to pick a topic and be really clear about what you can (and can't) cover in an hour.
Why do I need a power hour?
Do you often get people "tyre kicking" or saying "can I pick your brains about....."? It can be hard to say no, but you can end up spending a lot of time for free and giving away lots of your hard won experience by doing this. And people will push your boundaries all over the place if you let them!
Is it difficult to set...