When it comes to pricing strategies, there are so many options to choose from. But as with many things, it isn’t always down to the number of choices available to you - it’s more about picking the right one for you. That’s why it’s so crucial that you think about your business and opt for the strategies that work for you, especially when it comes to pricing.
So how can you make it easier for yourself so you’re not bumbling around trying to find pricing for your clients? You can use so many different ones, but instead of overwhelming you, I’m just going to cover the five main ones in this blog.
Lots of freelancers and consultants use this. But if you’ve spent any time following me, you’ll know I’m not a big fan of this style of pricing. You should not be pricing by the hour as it punishes efficiency and always puts a ceiling on what you earn.
It is, however, often a good...
Do you know your business numbers? It’s one of those areas of business that many shy away from, but it’s a crucial element you need to understand, if you want your business to grow and be profitable.
So why is it so important and what numbers do you need to know?
Knowing your business numbers helps you make informed decisions for your business. For starters, how will you know if your business is making money or losing it? If you know your numbers you can decide if you can afford to make investments or hire a mentor.
But knowing your numbers will also help you know if you’re on track with your business and general financial goals. You can see if you need to increase your prices to cover VAT or to better reflect the value you bring to your customers.
And if you’re at the stage where you are considering getting someone to invest in your business, you’ll have the numbers to back up why they should consider...
Cash flow is one of the most important things to monitor in your business. Without cash, you don’t have a business - and a lack of cash is one of the biggest reasons why businesses fail.
If you want your business to be successful, it pays to know what is happening financially within it!
Simply put, that is what cash flow is. It’s the money in and money out of your business. That flow of money is the lifeblood of your business. You want a healthy flow of money because, if you have too much money leaving your business or not enough coming in, your business is in trouble.
And if you don’t know what’s happening with your cash flow, you can’t hope to know if your business is profitable or not either.
Knowing and tracking your cash flow is more important in uncertain times. You need to know how long your money would last if you were ill or something happened and you lost key clients...