Busy, Busy, Busy ... But Broke!
This may be you, it may be someone running a business that you know of ... always busy, working SO hard but flat broke. So, why does this happen and what can be done?
Are you under charging?
Review your pricing and make sure you are charging the right price for the right work. I have several blogs on pricing that you can have a read of and there are resources that might help you too.
Are you over-delivering?
If your prices are right for your services are you over-delivering and taking longer to do the work than perhaps you should? If you spent 10% less time on the work, would it make a different to your clients and customers? If the answer is no, then you are over-delivering. This means your time isn’t being utilised effectively and you could be taking on new clients to get more income.
Are you time-blind?
By this I mean that you think you spend every waking hour working on client work but if you actually looked at it, you are doing lots of other “stuff” too – some necessary, some not. Look at whether you need to do it all still or if you could get someone else to do it. If cash is tight, paying someone to do your admin might seem counter intuitive but if you can pay them £100 to do something and you can earn £500 in the time you have freed up then it’s surely a no-brainer?
Is it a viable business?
And the question you don’t want to think about but if you are charging the right price, aren’t over-delivering and aren’t spending time on unnecessary tasks then is it a viable business to give you the life style that you want?
Do you know what your business strategy is?
Are you working with the right people? Are you selling to the right people and talking to the right potential clients and customers? If you don’t have your business purpose and brand story nailed down then chances are you don’t know and aren’t putting yourself in front of the right people in the right way and this could impact on all four of the above.
You’ve looked at all of these and said nope, don’t apply to me ... so relook and be brutally honest with yourself ... are your answers different this time?
And remember – this isn’t a one-off exercise, you should e reviewing all of these on a regular basis.
And finally, ...
These actually apply to all businesses, be you busy, not busy, making money or struggling for cash. Reviewing your business and it’s performance on a regular basis is really important so that you can plan for where it will take you next.