How to get out of small business jailBy Nina Kaufman, Esq.
What do bandages and oceans have in common?
They’re best when you deal with them quickly.
Removing a Band-Aid? Rip it off. When you pick at it bit-by-bit, that only prolongs the pain.
Jumping into the ocean? Dive in. It takes longer to get used to the water when you go in one toe at a time.
There are some tough and uncomfortable parts of business, too, that are better dealt with quickly. But it’s not so easy by yourself to rip it off or dive in.
Here’s one way to psych yourself into facing those tough tasks.
I’ve heard it referred to as a “Prison Sentence Strategy.”
Pretend you’re a prisoner serving a sentence.
(I know—that’s a little grim. Stay with me).
Completing a particular task is the condition of your release. Would you willingly stay in prison? Or would you get to work handling the matter ASAP and marshaling the resources you needed?
There are a bunch of responsibilities that challenge even the most stalwart business owner:
- Letting go of an employee
- Handling customer complaints
- Reviewing financial statements
- Making collection calls and asking for money
- Delegating tasks you don’t have time to do yourself
- Speaking on stage at a new conference
- Managing money and revenue fluctuations
- Telling clients you need to raise your fees
If raising your fees is one of those things keeping you in prison, here’s a way to break free:
Write down what you charge.
Subtract your true costs (usually, direct labor) to deliver it.
See what’s left. If it’s less than 30% of what you charge, you need to raise your prices.
When you’re armed with the objective numbers, it’s easier to stand up for your value proposition. And get paid what you deserve.
Don’t you deserve to generate more next year than this year?
I’m already doing that for my clients, and would be happy to help you do that too.
You deserve to be paid, protected, and prosperous. Kaufman Business Law can help get you there. Watch this short video to find out how.