The 4 pillars of a financial system

When you start your own business, you want it to do well. That’s why it’s so important to build it on the right foundations. Those pillars provide stability for your business to grow on. And it’s no different for your financial system. It, too, needs to be built on the right foundations. Because without it, you’ll find yourself and your business floundering.

There are four key pillars to consider for a sound financial system to be put in place. Otherwise known as the 4Ps, these are pricing, profit, performance, and planning. So if you’re looking to get your business onto solid financial footings, keep reading to find out more about each of these pillars.

Financial system pillar #1: Pricing

This is the main one I talk about the most because it’s so important. If you can get your pricing right, particularly in a service business, other things will follow. Getting your pricing right means you can pay yourself more, earn more, and pay other people to...

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The reality of making money from an online audience

Running an online business isn’t as easy as you often think it will be. Marketing is one skill many small business owners struggle with, especially when it comes to audience growth and converting those followers to sales. But often, once you’ve mastered marketing on one platform, you can transfer those skills across all other social media platforms.

If you’ve wondered how to make money from an online audience, you’re not alone. I recently chatted to Helen Perry about this on my podcast. Helen helps other small businesses with their content marketing on Instagram and via email. She shared some excellent insights on the reality of making a business from an online audience. So if you’re looking for some tips on how you can use social media to grow your business, keep reading!

There are no shortcuts to growing an online audience

As with anything, growing an audience takes time, and there are no shortcuts. You need to take your time to really understand the...

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Planning for time out of your business

Do you have a contingency plan in place for your business? It’s a subject that can seem quite boring and one many business owners avoid. But it’s an important and essential thing to think about. Because you can’t always forecast when you’re going to need to take time out from your business - but you can have a plan in place that helps cover most scenarios.

Forward planning for time out of your business helps ease stress

So as a bit of background, I’ve been going through treatment for breast cancer recently. And when faced with my diagnosis, I also had to decide what to do about my business. Obviously, it’s not the most important thing to be thinking about when you're diagnosed with something like cancer, but it was important that I try and keep working during this time. Because I'm at home all the time, there's no risk associated with me working, but if I was in an office or something like that, there might have been.

But when you’re faced...

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Podcast Episode 15 - Pricing low when you’re new and other pricing myths

 

There are loads of pricing myths out there in the online world. From pricing low when starting out right through to only being able to price per hour, these myths only serve to keep you stuck at a money ceiling of your own making. 

So let’s bust 5 of the most popular pricing myths coaches and consultants, in particular, come up against.

Pricing myth #1: Pricing is a one and done thing

Prices change all the time, and it’s never a just once done kind of thing. After my recent podcast chat with Osmaan Sharif, I started putting my prices up after every 5 clients. When it comes down to it, pricing really is just trial and error. 

The only way you know if something is the right price is a) if it earns enough for you, and b) whether somebody’s prepared to pay for it! If it’s perceived to be too expensive or not provide enough value, people won’t buy it.  

You must think about where your products and services fit in your process and how you...

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Podcast Episode 14 - Selling to Corporates

 

Selling to Corporates is something many shy away from. There’s a worry it’s complex or challenging to sell to Corporates - and in many ways, that’s true. But it’s also a significant way for you to grow and scale your business. Corporates tend to be more expensive, and you can charge more.

I’ve recently been talking with Jessica Lorimer over on my podcast. Jessica specialises in helping entrepreneurs sell into Corporates and can help you see how adding selling to Corporates can become a revenue stream for your business.

What is a Corporate?

A Corporate is an organisation that has multiple permanent employees on its books. They work to provide their end-users and customers with a specific service, product or experience. They aren’t defined by how much they earn. A solo entrepreneur can sometimes earn more than a Corporate! It’s the staff component that makes the difference between a solo entrepreneur and a Corporate.

Why work with Corporates?

...
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Podcast Episode 13 -Moving from hourly billing to fixed pricing

 

Moving from hourly billing to fixed pricing is a big step towards pricing more effectively in your business. There’s a real fear that if you move from hourly billing to fixed pricing, you’re not going to charge enough. But when you’re billing per hour, you’re only billing for the hours you work - and that doesn’t cover everything!

Why hourly pricing isn’t the best option for you

One of the big problems with hourly pricing is you’re not billing for everything. There’s the time you’re thinking about the task, the initial client set-up call and emails, the background research work you may do. 

And there’s another big issue. If you’re used to doing the work, you’ll naturally get quicker at it. If you then charge per hour, your billable hours may end up going down for each client you work with! Check out the podcast I recently did with Jonathan Stark for more details on how value-based pricing can help you bring...

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Podcast Episode 4 - The Pricing Mindset with Osmaan Sharif

 

In this episode:

  • Becoming a business owner not an employee
  • Imposter syndrome
  • Increasing your pricing
  • Pricing blocks

Osmaan Sharif is a business and mindset coach who works with ex-corporate professionals to help them overcome obstacles and grow their own business. Osmaan talks to The Pricing Queen about his rapid transformation formula which involves focussing on the big picture of your business by understanding three fundamental foundations:

Design (includes business model, vision and goals.) 

Mindset (overcoming your internal beliefs and understanding your value) 

Strategy (or, as Osmaan refers to it, your entrepreneurial superpower.)

Take Osmaan’s free quiz so you can see how strong these foundations are in your business in less than 2 minutes. Sally and Osmaan discuss understanding your upper limit to overcome imposter syndrome and what you need to consider when looking at setting and increasing your prices. Also, why you should be wary of competitive...

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Should you have an online course or membership?

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.

...

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What is a power hour and why should you have one?

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...

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Apps to make you more productive

I talked in my previous blog about productivity and in this one I want to talk about more tools you could use in your business to make you more productive

 

Toggl - perfect for tracking your time on projects and knowing how long things take you to deliver a project or retainer. The free version is fine, but I use the paid version to give me billable vs non billable amounts.

 

Asana - I have everything in Asana these days - documents, workflows, projects and I love it. I can set due dates, share information and tasks with people and generally organise my life. Amy Mitchell has a great free training on getting started. Get it here.

 

Kajabi - I love Kajabi because it houses my website, courses and email marketing in one place. When I was looking at it, I thought it was expensive (I pay around £130 per month) but because I was paying for web hosting and an email list separately, plus having somewhere to host my courses, it wasn't much...

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