Find the $50k Hiding in Plain Sight in Your Business – Part 1
When it’s your own business, it can be hard to see things objectively. Old choices that made sense a few years ago no longer make sense today, but their effects are still lingering.
In this episode I list out 10 places I look in my clients’ Profit and Losses, while I cross-reference their calendar, to find more than $200,000. Of course, most people are not leaving money on the table in all ten of these places. But it’s not uncommon for me to have clients who are leaving $75,000 on the table, every year.
Easy targets are areas around unclear or weak boundaries: friends-and-family discounts, last-minute cancellations, and scope creep.
Another place to look is pricing: many of my clients have not increased their rates in years – not just to cover inflation and cost of living increase, but to reflect their increase in value as their skills grow. Women also tend to undervalue their services by 28% compared to men who do the same work, according to a recent study by Freshbooks.
In a recent Medium article, Natalie Eckdahl, host of the Biz Chix podcast, discussed how women entrepreneurs are creating their own glass ceiling when it comes to rates – that women themselves set.
Raising your rates to reflect the value you offer, either in services or in RFPs, is the single biggest lever for finding $50K hiding in plain sight in your business.
Are you interested in the PDF related to this episode? Simply email me with an obvious subject title like, “Please email me the PDF related to episode XXX” and I will happily email it to you.
If you want help capturing this income, because you know you get tangled up in the emotions of the choices, I would love to help you.
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