Your profitability matters more than your turnover in business!
This is something I’ve been talking about with my clients a lot. And it needs to be said.
When pricing your services here’s 2 mistakes I see over and over again and what’s wrong about each.
1. You compare to those you know in your industry and make a decision based on what you find.
The issue with this “strategy” is that you have no idea if those you compare to
- are even making consistent sales and have a sustainable and growing profit margin
- have priced with profitability as a priority or gone on a whim because angel numbers are trendy in pricing right now
- feel confident and clear about their pricing because it’s accurately calculated to represent their expenses plus paying themselves plus representative of what they bring to the service (qualifications, experience, expertise) and the outcomes their clients receive OR it is based on comparison too
2. You price with revenue and not profitability as a priority.
The issue with this “strategy” is that revenue (the amount of money you earn overall) means nothing if you can’t consistently pay yourself what you need and deserve or cover your expenses or invest in the things you want and need to grow your business.
I’ve coached many multiple 6 figure, 7 figure and 8 figure businesses. This has been calculated based on turnover and is glorified as a key metric.
And you know what? It’s a big deal to turnover this kind of money. Even to turnover multiple 5 figures and reach your first 6 figure year as an OSP.
Many of the businesses I refer to above were consistently lacking profit, struggling to meet expenses and pay team members they had. It’s more common than you may think.
Unless your financial achievements are profitable can you really say you have a successful or a sustainable business?
Hmmmm think on that for a moment 🤔
‼️ Make your focus this: sustainable profit!
As a coach one of my biggest priorities for you is to focus on your profitability. I’ll illuminate income opportunities and how to create profitable, sustainable income streams you’re likely not even seeing.
And I’ll coach you to confidently decide what options work for you and your clients.
And teach you how to turn them from concept to reality.
Plus coach you to understand and shift energetic, belief and mindset blocks potentially limiting your profitability.
Putting your prices up isn’t where we start. That often needs to happen but it’s a quick fix kind of strategy that doesn’t necessarily serve you well long term.
In the Profitable Wisdom mastermind you will build a profit focus that’ll last you for the lifetime of your business. Amongst other things 😉
Let’s get you feeling confident, secure and setting yourself up for the long haul as a woman who can easily turn what she knows into dollars.
Profitable Wisdom is open now. We begin 30th Jan. Price rises 16th Jan