Big Fat Truth: Just about anyone can make it so their business generates more income and more profit. It has always seemed to me that doubling your business income is a good idea. I’ve never met anyone who suffered terribly from making too much money by working.
There are six options pictured above that can be utilized alone or mixed and matched together to make this happen.
Let’s look at one of the easiest. Upper right: Adjust Pricing.
Think about this fact. Your costs are rising. Electricity costs more each year. Water costs more each year. Your insurance costs more each year. You probably pay your employees more as time goes by. So, if your prices never increase to keep pace with what it costs you to do business, you are falling behind and will eventually be facing financial ruin.
You have no choice. You must increase your prices to cover your costs and to ensure profitability. And if you increase your prices by say 10% over next year, a lot of that, perhaps the bulk of that extra income, will go right to your bottom line, as pure profit, money in your pocket. And that’ll be great.
There is an additional benefit to raising your prices too, which is, by itself nothing to sneeze at. When you raise your prices, some people will chose to not buy from you. They will go somewhere else to get they want or need. Therefore, you will have less work to do…but, because of your increase in prices, you will either generate the same amount of income, or more income, depending upon how much you increase your prices.
Less work, and the less chaos less work helps create, plus more money…all good things. Yup, yup, yup!
So do it. Increase your prices and get a twofer…more money and less work, that’s a good thing. And certainly, anytime you are chronically swamped with work and stressed to the max, raise your prices as that drives some potential buyers elsewhere giving you less work to do and lower stress, and, of course, more money.
In my 40 plus years of business consulting and strategizing with ambitious business owners, I’ve seen this strategy work countless times. When you have way too much work to do, increase your prices and the work goes down and the money goes up. Not a bad deal.
Increasing your prices is just one of the ways you can start on the path to INCOME DOUBLE HALF THE TROUBLE.