“Every month I keep my fingers crossed when I look at the profits on our Profit & Loss statement” the Owner of a web design agency told me. “Why?” I asked. “Because it’s always disappointing. Our team has amazing creativity and skills and profits never seems to keep up with that. The more they know, … Continue reading Are Your Profits Depressed? Here’s How to Tell
Ask any marketing expert or advisor and they’ll tell you to learn and follow the 4 Ps of Marketing, or the Marketing Mix: Product, Price, Place, and Promotion. They’ll help your company apply the 4 Ps of the Marketing Mix if you can’t or won’t do it yourself. (That’s a good thing by the way!) … Continue reading Is the 4-P Marketing Mix Costing You Money?
“Pricing Model” means how the firm charges for its services and products. There are two primary options: time based, and value based.* Which Executive Should Choose the Pricing Model? Chief Financial Officer (CFO)? Companies typically look to the CFO for all their financial advice. The CFO knows the firm’s financials well, has been trained to … Continue reading CEO, CFO, CMO: Who Chooses Firm’s Pricing Model?
Do you ever ask yourself “Are we leaving money on the table?” Many firms successfully cover their costs and make a profit. And yet—they wonder “are we leaving money and profit on the table?” The answer is too often “yes,” and the cause is their choice of pricing model. While a solid strategy, brand and … Continue reading Value Based Pricing Cold Feet? Warm Up This Way
Is it possible tenacity can trap you? We business owners tend to nod vigorously when we’re exhorted to be tenacious, to persist, to let our grit and resolve carry us through the challenges we face. I do it myself, and I wrote about the evidence that founders and owners have a lot of built-in tenacity … Continue reading Are You Trapped by Tenacity?
One of the most powerful lessons I learned early resulted from this statement by a business owner: “I don’t want them to think I need the money.” This professional services provider, who was sales rich and cash poor, believed that asking for prompt payment was a weakness. You might not be surprised to learn that a … Continue reading Are You Voluntarily Causing Negative Cash Flow?