The price is right
Ask most small business owners what their main objective is and they’re likely to answer “increase sales and profits”. But Business Connect Advisor Jane Tweedy asked her client “how can you increase profits when you are not pricing your work accordingly?”
Alice, owner of kinesiology practice KinesiAlice, met with her advisor Jane to discuss her business options and, most importantly, her pricing system: “Alice came to me as a beginner in her field which she was using as justification for undercharging and not focusing her attention on expanding,” Jane said.
We worked on her confidence and got her over that barrier so she would feel comfortable increasing her prices. She did increase her rate to reflect her high-quality service, which immediately increased her profits. And she did not lose a single customer”.
After the pricing adjustment, the business swiftly grew. Alice made improvements to her digital offering which amplified her client engagement; she increased her business hours and moved into a new premise due to the increased client demand.
“Jane was phenomenal. She helped me get past my preconceived ideas behind pricing and the impact was outstanding,” Alice said.
“She helped me increase my confidence around my offering which made me feel comfortable increasing my prices to reflect my service.”
Advisor Jane continued to work with Alice in a mentoring capacity: “We had talked about Alice possibly authoring a book and a few days later I noticed an opportunity which I shared with her,” Jane said.
“In two months she had written a chapter to be included in a co-authored book and is now officially a published author.
“I really enjoy working with business owner that take action because that is when you see the magic. As advisors, we can plant the seeds but we need the business owner to run with it and that is exactly what Alice has done.”