Effective pricing can be a difficult thing to ascertain. While you want to offer a great rate to your clients, you also want to make sure you are covering your costs. And then you have competitors to think about. Here are some smart pricing strategies for entrepreneurs and businesses alike.
Understanding the difference between profit and cash flow is critical. Many business owners make the mistake of focusing almost exclusively on profit. While it’s certainly important for businesses to earn a profit over time, the timing of expenses, in relation to revenues, is the key to being able to continue operations.
Unless cash flows are adequate to cover the payment of operating expenses, the business will be in danger of immediate failure. The following tips can help you to maintain a positive cash flow.
Running a business is tough, and there are so many hurdles and issues that it’s any wonder we get any sleep at all. Taking cash flow out of the equation, there are still many other things that can cause us to over-analyse who we are and what we do.
Have you ever heard of the imposter syndrome? Chances are you may have experienced it at one time or another.
The imposter syndrome is where you believe that you are unqualified to be doing what you are in fact doing and that people will wake up to this idea and realise that you are unfit for the task. It can happen to anyone, at any time. The imposter syndrome also lets us believe that others know what they are doing – that we are somehow pretending to do the job that others more qualified should be doing.
Does this sound like you? Do you believe you will be found out? Is this worry keeping you up at night?
When your prospective customers and clients hear your name, and the name of your products and services, what image and thoughts come to their minds? Are you making a good impression, and is it the impression that you want?
It is easy to forget that an organisation is set up to do more than just go about its regular activities to achieve set goals and complete its mission statement. But in truth, as we spend 1/3 of our day at work, it is important that we feel comfortable in our work environment and relaxed and motivated by our colleagues. Therefore finding the right mix of people to enhance the creative culture is necessary for social cohesion and meeting corporate objectives.
Creativity lies at the heart of every decision, and every action, that you take as a small business owner. Without creativity, our business and professional lives become stagnant and boring. Creativity is necessary, because without it new ideas, and the innovative products, services and solutions that spring from them, simply cease to exist. If you want your business to flourish and grow, you must do everything that you can to encourage creativity, and new ways of thinking and doing things, at every level of your business.