Money

We have many different names for money. In the United Kingdom, it’s the pound sterling. In Japan, it’s the yen. In the United States, we use words like “dough,” “bread”, “bucks,” “dollars,” “cash, and “coin.” 

My favorite word for money is currency, because it derives from the word with two meanings that relate very closely to how money works.  Money is fluid, like a river’s current and always passing from hand to hand.   Even in times of economic recession, there is an abundant, ever-present, ever-flowing exchange for goods and services almost everywhere you turn.   The other meaning of the word ‘current’, is that it responds well when you are “in the present,” focused right now (currently) on what you are doing or who you are with and how you are gaining or adding value. 

So if right now, money is flowing everywhere, how can you get more of it to flow into your business and your family ?  Here are three tips: 

1. Money Corresponds to Value – It’s a fairly simple concept. The more value you provide for your clients and customers, the easier it is to get more business, attract more referrals and secure (or even raise) your rates. You know you’re providing a great service. Shouldn’t the rate be proportional to your service?  Of course.   How else can you leverage what you do and who you know to add value?  Make sure it relates to what your clients need or want – that is what they value.

2. The Competitive Market – You know how they say “keep your friends close, but keep your enemies closer”? Well, hopefully you don’t have any enemies, but it’s definitely a good idea to keep your competition close. It is always important to know what other competitors are doing and what they are charging.  Many people are too interested in being polite rather than telling or asking about someone else’s rates.  You do have to base your rates on the reality of what is readily available to your clients elsewhere.  Then go back to tip #1 to increase value.

3. Guts – They say “no guts, no glory” and true. This is especially important when asking for the price you deserve for the value you provide. Be willing to stand for what you’re worth, even if it makes someone temporarily uncomfortable. You don’t want the client to laugh at the price and walk away, but just beneath that “turn-off” point there’s a level where the price may be just a little higher than anticipated, but high enough that the client knows they’ll be getting something special.  That’s where you want to start, and if necessary, negotiate a win-win from there.  There is more information on these pricing tips starting on page 105 of my book, Income Double, Half the Trouble .

Follow these steps and your profits will grow. If you want any support, guidance or just to have a lively conversation about your approach to growth, contact me for a complimentary coaching session by phone.

And as always, feel free to give me a call or shoot me an e-mail. I’d love to hear from you!