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Category Archives: Entrepreneurship

Make Your Business Strategy a Mile Deep and a Foot Wide

mile deep foot wideYou can’t scroll through your social media news feed without coming across an article, video or photo that has gone viral. And don’t forget about the sponsored posts that force us to consume information all because Facebook says it fits our demographic. This communication overload can lead us to believe that we must utilize every marketing strategy out there in order to grab the attention of potential clients or customers.

This goes against the longstanding wisdom to be “a mile deep a foot wide.” And by that I mean – be selective about where you dedicate your time and money and choose only the strategies that best fit your goals and audience.

Instead, I’ve been seeing a growing trend where business owners spread their time and budget thin by trying to do it all. While an effective communications strategy requires a variety of tactics, it also requires you to be selective with your tactics and then focus your full attention on doing them exceptionally well.

So why should you rethink your complicated and scattered communications, marketing, advertising or business strategy? Here are four key reasons why being a mile deep and a foot wide will better serve your business and your bottom line.

You’ll be able to devote more resources to what makes the greatest impact.

When you try to do it all, you can’t provide each task with the time and attention it needs to produce the best results. So often, I’ve seen business owners throw their hands up as to why – with all that they are doing – nothing seems to be making a difference. Instead of stopping to take a look at the chaos and disorganization of their strategy, they try and do more.  And so the downward spiral continues.

The only solution is to stop, breathe and take a critical look at where you’re devoting your resources. If the depth of your tactics is not yet a mile deep, your breadth should be no more than a foot wide. More simply put, first master the tactics that are producing the greatest results before adding in anything additional. Once you’ve found a good pace and are happy with your ROI, you can slowly explore with more variables.

You’ll be able to more easily identify what’s working.

If you begin your communications efforts with a massive strategy right out of the gate, it’s going to be difficult to identify exactly what tactic is helping you reach your goals. Changing everything at once will only add more confusion as to what’s really working – and what isn’t.

Instead, the “doing less, but doing it well” approach will allow you to more easily identify what each tactic is accomplishing as you slowly add them in one by one. If your web hits skyrocket over one quarter’s time and the only thing you changed was adding in a monthly e-blast, you can likely credit this as the catalyst.

Every strategy does not apply to every business.

When I help businesses to develop a comprehensive communications strategy, I’ve found that this is often misdirected with the desire to do everything they’ve ever seen another business do. I see innovative marketing techniques around me every day, but I know that only a fraction of these would work well for my business. The same is true for any business. Not every strategy is necessary, nor effective, for helping you reach your specific goals.

Business owners take note, you must consider many factors that make your business unique (i.e. industry, size, target customers, location) when selecting the tactics to best serve your business.  While you might be inspired by the multi-million dollar grassroots campaign of a powerhouse brand, this is not likely the most feasible or effective strategy to help you reach your specific audience.

You’ll preserve your sanity.

Finally, your ability to embrace a “mile deep and a foot wide” mindset will remove the stress and frustration caused by wasting your resources on a cluttered and misdirected communications strategy. Don’t you want to do everything to the best of your ability? Trying to do it all won’t allow you to meet this standard. Instead, narrow the breadth of your tactics and focus on their depth. Produce quality and consistent messaging that helps to build a loyal and attentive audience.

Do you practice the “mile deep and a foot wide” philosophy? Why or why not? Share your thoughts!

 
 

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Why No Experience is Ever a Waste of Time

waste of timeThe past several years spent starting my own business and living the out-of-the-box life of a young entrepreneur have provided me with as many new experiences as the 23 years prior. While “new experiences” may sound fun, exciting and even a little sexy, any business owner will tell you that there is a large range in altitude between the valleys and the peaks.

In my reflection upon these life experiences, the negative and positive, the helpful and hurtful, the uncomfortable and encouraging, I realized that I’ve developed an almost nostalgic sentiment around each one. Even the moments that could be viewed as mistakes or wastes of time have all helped to teach me something and bring me to where I am today. And I think we can all relate this back to our own lives.

Consider this thought for a moment. “If we do not find anything pleasant, at least we shall find something new.” This quote, attributed to Voltaire, challenges us to never see anything as a waste of time, but more as an opportunity to experience something new. Is this a reasonable request? I think so.

Here are four reasons why we should reframe what we’ve been dwelling on as past mistakes and wastes of time and view them simply as a new experience.  

Because something motivated you to make this decision

When you feel like something has become a negative experience or a waste of time, stop and recall what led you down this path to begin with. In many instances, passion, inspiration, hope for a better future or enjoyment guide our choices. While you may never know where the journey will lead you, it’s the best intentions with which you began that really matter.

Because you choose your experience

We are the keepers of our own happiness and only we determine how we feel about any particular situation. There are some people who have really been dealt a tough hand, yet they live a life of contentment and gratitude. Then there are people who appear to have everything going for them, yet they couldn’t be more miserable. What sets each of these types of people apart is simply how they choose to experience life. We must choose happiness in order to be happy. And if we choose to never see a situation as a mistake or waste of time, then we will live with a lot less regret.

Because there’s always a bright side

Any experience – even a negative one – contains at least a pebble of happiness, if only we’re willing to look for it. To apply this to a challenging example, let’s say the experience was that your new business failed and you had to close your doors. As Voltaire would reason, this is not something pleasant, so we must then look for the “something new” to turn this into a positive experience. The bright side would be that now you have the opportunity to restructure your business model and try again, venture into a new line of work or simply spend more time with your family. The bright side will not always cast away all of the dark shadows, but it will at least restore some of your hope and happiness.

Because dwelling is not mandatory

By nature, I dwell. I dwell on the big things, the small things and everything in between. Sometimes I’ll continue to walk around with this weight on my shoulders, unable to remember what was bothering me in the first place. This makes it very easy for setbacks or negative life experiences to take a toll on my emotions. But I’ve gotten better. I now remind myself that worrying accomplishes absolutely nothing, so instead I get active. If it’s a problem I can’t solve personally, I go for a run to clear my head or start working on another project simply to feel in control. We determine how much we allow ourselves to dwell and the sooner we take our mind off of a negative experience, the closer we are to our next positive one.

Share your thoughts! Have you found any life experience to truly be a waste of time? How much does your mindset impact how you experience life?

 

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How to Outsource Work Without Losing Control

outsourcingAs a business owner or entrepreneur, your time is limited and there are only so many projects you can take on or directions in which you can be pulled before you feel like your head is going to explode.

Hiring a fulltime employee to help with this workload isn’t always the right answer, either. Sometimes the situation is better suited for a subcontractor who can tackle specific projects or lend the expertise that you’re lacking. Even if you know outsourcing work is the right answer for your business (and your sanity), it can still be a scary experience to relinquish control to an “outsider.”

Here are five key ways to outsource some of your business responsibilities without feeling like you’re losing control over the consistency and quality of the work you’re used to doing first-hand.

1. Be a part of the process

This starts at the very beginning of every project and carries out the whole way through. To maintain some control over the direction of your marketing or communications strategy or your overall brand, you have you be a part of the process. Yes, outsourcing is a wonderful opportunity to shift some of the work off of your plate and delegate it to others, yet you can’t completely disconnect from the project or you will risk becoming disconnected from a very important part of your business.

When working with a subcontractor, clearly define the roles you and everyone involved in the project will play. This will help to establish realistic expectations and clearly communicate with your contractor just how much or how little you plan to be involved. Even if you choose to only play a minor role, find a way to still be a part of the process.

2. Know what’s most important to you

It’s okay to have a few key things that are “non-negotiable.” This won’t necessarily make you a micromanager or stifle the creativity of your subcontractor, if done selectively. On any given project, you should have clearly defined goals for the work and standards to which it must adhere. When outsourcing your work, it’s the subcontractor’s job to satisfy these goals and standards, but it’s first your job to identify what’s most important to you.

For example, if you feel that the fact your business is 3rd generation family-owned is one of its most distinguishing factors, you may require your contracted copywriter to focus the web site’s content on this aspect. Select no more than 3 important factors (ideally one or two) and express these clearly from the beginning. Trust me; this will save both you and your subcontractor a lot of time and revisions in the long run and help them to share in your vision from the start.

3. Be accessible

When you can’t be reached, decisions will have to be without you and they may not be what you would have preferred. The lesson here is to be accessible to your subcontractors throughout the project. This will keep you involved in the process (as I stressed in my first point) and in control of final decisions.

So what are reasonable expectations for being “accessible?” Respond to emails or phone calls within one business day – or at least acknowledge that you’re working on an answer if one can’t be made in that time frame. As a business owner, it’s often the deadlines that you’ve set that the subcontractor is working to meet. If you become a plug in the process, you’ll either get cut out or have projects that stretch far past their due date. Both consequences can be avoided simply by being accessible when needed.

4. Select your contractors carefully

When looking to outsource work, one of the first areas you have complete control over is who you hire. Simply put, choose carefully.

You should take as much care in hiring a contract worker as you would hiring a fulltime employee. Even though they won’t be working in your office, they still need to mesh with the company’s culture and share in your vision. Overlooking this important decision will most certainly result in a disconnect between your existing messaging and branding and the work done by a subcontractor.

5. Check-in on a regular basis

This doesn’t mean micromanaging every task, but it does mean staying apprised of the work your contractor is doing for you and checking in with them on a regular basis. This will effectively address (and stop) any straying from your company’s brand and help to create cohesive and consistent messaging.

To establish an appropriate time frame for your regular check-ins, first think about the scope and length of the project. If it’s detail intensive or urgent, you should plan to check-in with your contractor at a set time on a weekly basis. If the project is ongoing, straightforward and consistent, you can scale back to checking in with your contractor monthly or quarterly. Remember to always be accessible in between these regular meetings as well!

Do you use contractors for any of your business’s responsibilities? How do you maintain control when outsourcing this work?

 
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Posted by on February 24, 2014 in Business & Success, Entrepreneurship

 

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The Virtual Work Environment: When it simply doesn’t work

virtual work environmentAs a consultant, I strive to run a lean business. I work from home and meet clients on location to eliminate the overhead of an outside office. I delegate work to additional contractors rather than taking on full time employees. And because I require merely an internet connection and laptop, I can and have worked from almost every location I’ve ever been in. The virtual work environment has suited me very well. My clients have also experienced the benefits through my pricing and availability. But as fun and flexible as working from home can be, I acknowledge that it simply doesn’t fit every situation.

Different personality types are better suited for the “home working” experience and depending upon the job description, a business may need an in-office employee to meet various needs. I’m a full subscriber to the virtual work environment, as it lends itself to my particular services very well. But before you start setting up your own home office, take into consideration these following work situations that shouldn’t go virtual.

When you need immediate responses.

I make the commitment to my clients that they will receive a response or acknowledgement of their message within one business day – often much sooner. In comparison to most email communications, this is quite a quick response time; however, it’s still not as quick as if I were sitting at a desk next to you. In-office employees allow for almost instant communication because you have the benefit of popping your head over a cubicle or hunting them down in the break room. If the job description requires immediate responses, a virtual position could substantially decrease efficiency.

When you thrive on social interaction.

This is when working from home may have nothing to do with the job, but everything to do with the person. I thrive on a quiet, uninterrupted work environment. I used to HATE having people drop-in just to chat or getting pulled into an impromptu meeting. I worked much less efficiently because of these distractions. But I’m an introvert. For others, these are not “distractions” but are part of the company culture that makes them feel like a team. They thrive on social interaction and pull their energy and inspiration from those around them. If you took this away, work would suffer.

When you don’t trust your teammates.

Trust influences how well tasks are accomplished when employees aren’t working face-to-face. When working virtually, you don’t have the benefit of building relationships as quickly as you do in a traditional office. It takes a lot longer to build up the feelings of trust and accountability toward someone you don’t see day to day. Distrust can also come from not knowing if someone is doing the work they need to be doing. It’s easy to assume your co-worker is snoozing on the couch at home while you’re slaving away on a project if you don’t trust them or have the ability to check-in on them as you do in a traditional office.

When you’re needed to serve various, undefined roles.

The final work situation that does not lend itself well to a virtual position is one in which you are the Jack of all trades. Think of an office assistant. Their job description might outline the role of answering phones, entering data and scheduling appointments. But in reality, they are likely asked to take on many additional projects to help around the office since they are there and available. In an office where it’s all hands on deck, virtual employees benefit from being “out of sight, out of mind” and are not utilized to their fullest. This leaves the in-office employees to pick up the slack.

Even though we just covered four situations that are not best suited for the virtual work environment, don’t get me wrong. There are still many, well-documented benefits. Studies show that home workers are more productive, happier in their jobs and less likely to leave than their office-bound peers.  Virtual working also saves money, is better for the environment and gives staff the flexibility that many people crave. But it’s equally important to note that “home working” simply doesn’t fit every situation. Technology can connect us from sea to sea, but it can’t completely replace the need for in-office employees.

 

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When In Doubt, Take the Next Small Step

small stepIn business and in life, being faced with different choices can be an overwhelming and paralyzing situation. We always want to make the “right” choice, the one that we can look back on years later and know we wouldn’t change a thing. But rarely are we afforded the benefit of hindsight. In a recent conversation with a client, I was discussing how difficult it can be to make decisions as a business owner. With the weight of the world on our shoulders, we worry that one poor choice can bring it all tumbling down. We are often forced to make decisions on limited time and limited information because if we took the time to fully outline every option, we would never move forward with anything. Therefore, one of the greatest accomplishments of any business owner is to empower yourself with the confidence to make decisions and stand behind whatever the outcome. When in doubt, take the next small step. You don’t have to act radically or nonsensically, but you must still move forward. Especially when you’re not sure of your footing, the best option is to simply take a single step in one definite direction. This is some of the best advice I’ve ever received. It’s obviously applicable to an entrepreneur, but I believe we can also apply it to all aspects of our lives, both personal and professional.  

In Business

I have written passionately about my experience as an entrepreneur and I advocate for other entrepreneurial hopefuls to “take the leap.” But with this major life decision, I must caution that you should still do it with some rationale. When I was confronted with the ultimate decision to either stay in my current job or turn my part time passion into my full time career, it was done as an initial small step that has since turned into a major life change. I began by first incorporating my business. Not only did this make my side work feel more legitimate, it was also a sound investment that has since saved me a lot of money (and headaches) on taxes. This started things rolling in the right direction. My next step was securing enough clients that I knew I could cover my bills. And the next step was the big one – resigning from my 9-5 for a life as an entrepreneur. When broken down, these were all single steps that turned into quite an amazing journey. Even now when I’m faced with wanting to make a change in my business, I pause, breath and identify the next small step. If I only looked at the big picture, I would easily overwhelm myself with how I get from point A to point B – especially when they appear oceans apart. Instead, move just one step in the direction you know you want to travel and do so with confidence!

In Life

For those of us who aren’t business owners or entrepreneurs, life is stilled filled with countless decisions we must make on a daily basis. Small choices like what to have for dinner or how to spend a free weekend are relatively easy to decide. But bigger decisions like buying a new car, building a house or going on vacation can add unwanted anxiety and unnecessary stress to our lives.  When in doubt, take the next small step. Begin by looking at your finances or researching the top options, but take one step forward! Big decisions shouldn’t be made overnight, but progress can still be made slowly and consistently to help you make a smart choice in the end. By taking small steps, you’re less likely to make a decision due to pressure, frustration or confusion and you’re more likely to enjoy the process and feel confident with the end result. Take a moment to think of a big decision you’ve been avoiding and identify one small step you can take today. It doesn’t need to be the end result, but it should at least put you one step closer!

No matter the scope or size of the decision, we have all encountered obstacles in our effort to move forward. Have you ever had difficulty making decisions? What’s the best advice you can give to become a more decisive person? Share your insight by commenting below!

 

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7 Steps to Financial Success for Young Entrepreneurs (Guest Blog by Dave Landry)

This week’s post comes to us from guest blogger, Dave Landry. Dave specially crafted this article for the Bennis Inc blog to assist fellow “amateur entrepreneurs” and guide them toward successful endeavors. Be sure to visit Dave’s business web site for more information on the many skills he has to offer. Enjoy!

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For a young entrepreneur, every penny counts!

For a young entrepreneur, every penny counts!

In today’s economic environment, it is extremely important for a new breed of young entrepreneurs to take risks. As venture capital declines and direct investment opportunities increase, it really is a moment where new minds with elaborate new ideas can affect the world and embrace success.

With startup companies constantly appearing in the headlines, reports from the Kauffman Foundation show that startups have declined from 12 percent of all companies (since the 1980s) to less than 8 percent. It is now at its lowest point on record but as the Kauffman report writes “new firms and young businesses account for about 70 percent of gross job creation and disproportionately contribute to net job creation.”

Small business success is important to our economic recovery, adding a great amount of responsibility to those that are entrepreneurs. By taking the risk on new ideas that may become mainstream in the future, young entrepreneurs are incredibly vital to our economic system.

Here are seven extremely valuable tips for the young entrepreneur. By keeping these in mind, one can supply a focus to the difficult task of financially building upon your talent:

1. Create a star team

It is extremely vital to take as much time to create a team that will be strong for a startup. By honing in on strengths and weaknesses, a team can be formed over supplemental talents adding to its strength and focus.

2. Focus in on problems

Focus is what investors are most interested in. Creating a team that isolates problems, creates a proper strategy to execute a solution, and has a determined value is extremely useful for the starting entrepreneur.

3. Use failure as an inspiration

Everyday functioning for a startup can be filled with a certain amount of failures. Don’t unleash this frustration on colleagues, instead control your emotions. Mistakes can be used to coach others through their faults and toward future success.

4. Try not to work at home

Working from home can be amazing but it can also be constraining. If the lines of home life and work life are blurred, a young entrepreneur can become distracted and frustrated. If an office space seems too expensive, try sharing one or opting for a desk-for-a-day rental service that is priced well for an entrepreneur on a budget. It will also give you an added level of professionalism where you can meet clients in a real office setting.

5. Sharing Successes

A young entrepreneur should never feel the need to be too humble. Celebrating a success, no matter how big or small, inspires the team and makes investors and the public aware of your progress. By keeping a team happy through sharing each victory and by sharing them with your consumers/investors, everyone will feel a part of these small celebrations. Think of them as an adult equivalent of a gold star in elementary school!

6. Learn from past entrepreneurs

It’s important that a young entrepreneur learns from others. This can assist in starting a venture, save time and resources and most simply lend some aspiring wisdom! Literature by Venture Deals’ Brad Feld and Jason Mendelson are one helpful resources. Also try searching interviews or quotes from successful entrepreneurs such as Warren Buffett to hear how they overcame their career challenges.

7. Use spare time to reboot

Just like laptops need some time to rest, so do young entrepreneurs. By spending time with friends and family, or just getting some rest, someone approaching a new venture can utilize time away from work to approach their venture with invigorating motivation and a fresh mind.

dave landryDave Landry Jr. is a businessman and financial strategist. Be sure and visit www.NationalDebtRelief.com to see what Dave and several others are doing to assist people during financial crises!

 

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Meeting Fate Halfway

blindfolded womanEvery so often life presents us with moments where things really feel like they’re coming together. We can choose to believe this is by chance or that this is by fate.  Switching careers, buying a new home and falling in love are all life changing experiences where so often we hear people say “It was fate.” I do believe in fate. I believe that doors close so others may open and I believe that our passions can lead us toward where we are meant to be. But I also believe that we must meet fate halfway.

In a recent conversation with a friend about my own endeavors as an entrepreneur, he said that I am fortunate to have had fate lead me down this path. My response was that although fate presented me with opportunities, it was still my responsibility to be prepared to seize them. This is important for every business owner to remember. Even if you believe in fate, this is not an excuse to walk around blind folded just waiting for it to lead you where you’re supposed to go. You must be an active participant in the process. Just a little more than two years ago, when I turned my part time passion into my full time career, fate presented me with the opportunity, but I still had to contribute the vision and the hard work to make it a sustainable success.

During this entrepreneurial journey, I’m learning that you can’t leave everything to chance. When I meet a potential client, I still have to prove my skills and professionalism to increase my chances of working with them. Fate may have placed me in the right place at the right time to be considered for this opportunity, but I most certainly won’t get the job if I sit back and do nothing.

I’ve also learned not to be foolishly optimistic. Fate is a presence in my life, but it’s not a safety net. Relying too heavily on fate to always give you your happy ending will result in many unhappy outcomes. Fate won’t pay my taxes, guarantee new clients or further develop my skills. It isn’t fate’s responsibility to do so. It’s mine. Fate has and continues to present me with the opportunities to accomplish these things successfully, but I must always meet fate halfway.

I think we must redefine our perception of fate. It’s fun and romantic to throw our cautions to the wind and say “whatever will be, will be,” but this is taking advantage of – and missing out on – the opportunities with which we’ve been presented. Instead, even with fate on our side, we must continue to keep our nose to grindstone and prepare ourselves to seize life’s fateful opportunities.

 
 

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Can You Earn a Million Dollars Honestly?

million dollars

Is Ben Franklin congratulating you or judging you?

You may have heard this quote from William Jennings Bryan, “No one can earn a million dollars honestly.” It’s quite a bold statement to make. Millionaires across the globe might take more offense to such an accusation…if only they weren’t already too busy enjoying their lavish vacations and  luxurious lifestyles. Joking aside, I wanted to dive a little deeper into the idea of whether or not you can earn a million dollars honestly. As a business owner and an aspiring millionaire (I can dream), I worry that such a big income carries an even bigger price tag. Must we compromise our values or risk selling ourselves short in pursuit of those six zeroes?

Earning a million dollars is something many of us will do over a lifetime. Spread out over years of work, it won’t make you a millionaire and – in this economy – it won’t afford you that stereotypical millionaire lifestyle either. My concern is that during our years of chasing after a healthy income, can we do so honestly or will we inevitably contradict some aspect of our business moral code? Here are two key instances in which I feel like though the money is “earned” it is not earned honestly.

Are you selling yourself short?

In an effort to sell as much as you can of your products, services or time, sometimes what you’re actually doing best is selling yourself short. You must always maintain a value for your time otherwise you risk giving it away for far too cheap or wasting it completely. For example, in an effort to gain a client, you may lower your prices. You may make that immediate sale, but you actually lose money in the long run with the opportunity cost of a future client that’s willing to pay you market value. I find this to be one of those instances in which the money earned here isn’t quite “honest.” Sure it’s in your bank account, but you’re left with a time deficit for what you’ve invested versus what you were paid. One way or another, you will have to reconcile this imbalance in your business ledger.

Are you doing a disservice to others?

I talked about selling ourselves short, but what about selling our clients short? This is another instance in which money is not quite earned honestly. For example, if you overcharge for your services, overbook your time or over promise your results all in an effort to earn a greater income, this is not money earned honestly. It is also a disservice to the client as much as it is to your business for they’re not likely to return to you in the future. You may have earned a small profit from them now, but in the long run you have missed out on a growing relationship and bigger opportunities.

I do believe that a million dollars (or more or less) can be earned honestly. But to do so, we must remain aware of the temptations that exist to cut corners or rush along the natural process of increasing our earning potential. This is no easy feat as dishonesty can be cleverly hidden or attractively wrapped inside good intentions. However, if we approach every decision and every client with the same level of integrity, we just might someday join the ranks of honest millionaires.

 

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Moving Beyond the Time Sheet: Making Efficiency Part of Your Pricing

mowing lawnSeveral months ago I wrote about how to be smart and fair when pricing your services. This is a critical area for any business and also one which can be the most challenging. It’s hard to put a price on passion. We risk either under valuing our services or becoming too-consumed with our work and pricing ourselves too high. Even after we have developed a consistent method for setting an hourly rate and accurately predicting the hours involved for any given project, we’re still faced with the double-edge sword of efficiency. To better illustrate my points, let me offer this analogy:

Say you want to pay someone to mow your grass. Your yard provides a well-defined scope and size for a project, yet several mowing companies provide you with very different pricing. Why? The difference between each company’s tools, experience and efficiency all play a role in the variables of their rate. One mowing company may only have access to a push mower and so they have to account for an employee taking 4-6 hours to complete the work. Another company may have equipment with all the bells and whistles requiring just 20 minutes to complete the project, but they must recoup the cost of the capital for this equipment. The second mowing company may spend far less time on your yard, but they can’t (and likely won’t) charge you just for 20 minutes of work. There’s the factor of efficiency which also has a price.

As business owners we should strive to become efficient with our work, but we shouldn’t then penalize ourselves for this skill. Although our ability to complete a project in less time means technically less billing hours, we need to keep in mind that there’s much more to pricing services than just our time. Take a look at the following three pillars of pricing that move beyond the time sheet and are worth considering when pricing your services. These may also help you understand why other companies price their services the way they do:

Scope of project

The size (or scope) of a project plays a large role in pricing, but not the only role. Businesses shouldn’t price a project based upon time alone. There should always be built-in motivation to be efficient with both time and resources and to not take advantage of a time sheet. I’ve moved as far from time sheets as I can because it penalizes my efficiency while leaving clients with an unknown variable of cost for my work. I prefer to quote a project in full based upon its scope and then I stick to this price, regardless of hours spent on the project, unless the scope should substantially change. Whether this works out to be my client’s benefit or my own, it ensures I work efficiently which most often results in completing projects well before deadline.

Cost of capital

A business invests a great deal of capital into their tools, resources and talent that allow them to provide optimum service. While a particular project may take an efficient business less time to complete because of these tools, there’s a cost to that investment that also must be taken into account when pricing services. Most commonly I see this in printing services. The cost of professional printing equipment is expensive! So while it may take mere minutes to print off a 5,000 piece mailer, when before it would take hours, the bigger and better copier required an initial investment from the company. I wouldn’t expect this printing company to charge for just 20 minutes of work when resources, much more than time, were the real expense.

Paying for professionalism

Finally, there is the cost of professionalism. If you want a service done right the first time, it’s worth paying a higher price to work with a business with a great reputation and track record for producing results. Sure, it can be tempting to go for the lowest price possible, but most of us have also experienced the repercussions of such temptation. In the long-term it’s often worth investing a little more to get exactly what you want the first time. Your time is also valuable and so the less time you spend fixing errors, or micro-managing projects the more time you can invest back into growing your business. When pricing your services, the point is very similar – don’t compete on price alone. Offer clients value, professionalism and high-quality service along with a price you feel is fair.

How do you currently price your services? Do you reward yourself for efficiency or penalize yourself? This is a critical question worth giving some thought – especially because it could save you hours of work and a lot of profit in the long-term. Weigh in on this topic by leaving your comments below!

 
 

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Embracing the Non-Monetary Benefits of Entrepreneurship

sunny park chairs

The ability to work from anywhere – and enjoy a beautiful summer day – is a wonderful benefit of entrepreneurship.

I’ve shared my insight before on how fellow entrepreneurs and business owners might choose to price their services. It’s a fine balance between earning what you’re worth and remaining competitive. One of the biggest challenges comes when you’re just starting out. With little to no prior experience and only a small portfolio of work to showcase, new clients often hire you on a hope and a prayer that you’re half as good as what you promise. This situation often requires you to charge far less than market value for your time to even get your foot in the door. Even a seasoned entrepreneur can recall such a time in their career. The glitz and glamour of being a “business owner” can quickly become jaded by the lack of money, time and sleep in return for countless hours of hard work. So how do successful entrepreneurs overcome this starting hurdle? When I was first building Bennis Inc from the ground up, had I measured my success and happiness in income, I may have thrown in the towel before I ever really got going. Instead, I quickly learned that I had to embrace the non-monetary benefits of entrepreneurship until I reached market value. If you’ve also taken the entrepreneurial leap, focusing on these benefits can help you overcome the “I’m WAY underpaid“ blues.

Flexibility

Even when I was just making ends meet, this didn’t impact my ability to enjoy life’s no-cost luxuries. I was (and still am) able to go for a run whenever I feel like it. I can grocery shop at non-peak hours and enjoy a peacefully empty store all to myself. I can take an early weekend (say, starting on Tuesday?) or grab coffee with a friend who’s swinging through town. With my 9-5 job, I felt guilty even scheduling a doctor’s appointment during the day. Now I can get a haircut whenever it’s most convenient—completely guilt free. Of course, this type of free time and flexibility is balanced by sometimes having to work late into the evenings or on the weekends, but at least it’s at my discretion. When I have work to do, I do it and when I don’t, I’m not stuck chained to a desk. As an entrepreneur, soak this up! Your friends may have chosen a more stable, traditional career, but they likely can’t do work from a park on a sunny summer day.

Creative Freedom

You’re a business owner – that means you also own every decision that’s made. This can be a scary reality, but also an incredibly rewarding one. While you might not be raking in the “big bucks” just yet, remember that the ability to make a decision and not have it be second-guessed or turned down is a luxury most people would place a pretty big price tag on.

Building Something All Your Own

This is all you. When you’re building a business you get to take complete ownership over how every piece comes together. Do you want to steer things in a new direction? Sure! Is your goal to someday have 100+ employees? Go for it! Is your goal to work remotely and travel 10 months out of the year? It can be done! The beauty of building your own business is that you have the ability to make it unique and custom fit to your goals. I have yet to see an example of a corporate job that allows for the same.

Leadership

During my time of really embracing the non-monetary benefits of entrepreneurship, I found that this is truly one of life’s ultimate leadership experiences. It requires a great deal of self-confidence, trust in your instincts and quick thinking. I always felt like I had leadership qualities inside of me that would shine through when it was required, but as an entrepreneur, leadership is required every day. Some might say it’s baptism by fire, but I think one of the greatest benefits of entrepreneurship is the “leadership boot camp” it provides. You’re forced to step into this role quickly and without hesitation.

At the end of the day, it’s important that we remind ourselves that we’ve chosen the entrepreneurial path for a reason. Hopefully it wasn’t for the money (because that can take many, many years to get flowing) but rather it was for the flexibility, creative freedom, ability to create something new and unique and life’s ultimate leadership experience that is entrepreneurship. Before long, the money will follow, but if you embrace these non-monetary benefits early, the money will no longer be the ultimate goal.

 

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