FIVE STEPS TO INCREASE PROFIT!
(without increasing your prices!)
FIVE SIMPLE STEPS
STEP #1 - YOUR PROJECT
DOWNLOAD THE PROFIT FINDER TOOL, CHOOSE ONE RECENT PROJECT AND FILL IT IN AS ACCURATELY AS POSSIBLE.
(You'll need to be logged into a Google Account to access this Google Sheet.
Learn how to create a Google Account here)
NEED MORE HELP? STEP-BY-STEP VIDEOS ARE AVAILABLE BELOW...
STEP #2 - YOUR RATE
CHECK OUT YOUR RESULTING HOURLY RATE.
#1. Are you happy with it?
Yes? Great! Keep Going! And check out the steps below to see what else you could be doing to get even more cash in your back pocket.
No? No Problem! Check out the steps below to see what you can do to earn more next time
STEP #3 - YOUR COSTS
CHECK OUT YOUR OPERATING COSTS.
#1. Were there any costs you forgot to include in your price that you ended up paying for yourself?
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Yes? Make a note to include those in your quote next time so they don't end up coming out of your back pocket!
#2. Were there any costs that added to the final price but didn't add much value?
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Yes? Next time try taking them out, but don't change the overall price - this means more money for you, without increasing for your price!
STEP #4 - YOUR TIME
CHECK OUT WHERE YOU SPENT YOUR TIME.
#1. Are there any activities you spent time on that you forgot to charge for?
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Yes? Make a note to include those in your quote next time so they don't end up being given away for free!
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Or, If they're not a "must have", turn them into a stand alone package and upsell it - remember, if it's not valuable enough to your client to pay for it, it's not worth your time doing it for free!
#2. Were there any activities that added time but not much value?
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Yes? Next time leave them out, but again, don't lower the price meaning you will earn more for the really valuable work you do
#3. Were there any necessary activities that took a disproportionate amount of time (ie. they took more time than the value they added)?
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Yes? What could you do differently next time so those activities don't take as long but still add value?
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Once you've identified a way of streamlining your service, keep the price the same, that way you'll end up earning more per hour (aka increasing your profit) without increasing your prices! #winning!
REVIEW YOUR INSIGHTS.
Review how long things REALLY take, EXACTLY what it costs and how much you ACTUALLY get paid.
THEN REVIEW YOUR PRICE.
#1. Are you still prepared to charge the same amount next time?
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Yes? That's fine. Just choosing ONE action above will have your earning more (ie. increasing your profit!) even without increasing your prices. So identify ONE action you could take to help you deliver quicker or smarter so you end up with more money for less time.
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No? Great! Now is the opportunity to review your pricing and start to charge what you're worth!
STEP #5 - YOUR PRICE
MAKING SEVERAL COULD DOUBLE WHAT YOU EARN AND START TO TRANSFORM YOUR BUSINESS!
JUST MAKING ONE CHANGE CAN EARN YOU MORE MONEY.
NEED A BIT MORE HELP...?
LEARN: Why It Matters
WATCH: Calculator Overview
WATCH: Step-By-Step Guide
