Last summer, something monumental happened. One of Uncuffed's founding producers, Greg Eskridge, came home after more than 30 years in prison. In this episode we’ll bring you back to that emotional day last summer when he walked out of the San Quentin gates, free at last. Our work in prisons is supported by the California Arts Council, the California Department of Corrections and Rehabilitation, independent foundations, and donations from listeners like you. Learn more, sign up for Uncuffed news, and support the program at www.weareuncuffed.org Follow us @WeAreUncuffed on Instagram and Facebook Transcripts are available within a week of the episode coming out at www.kalw.org/podcast/uncuffed…
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المحتوى المقدم من Annette Ferguson. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Annette Ferguson أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.
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546. Pricing Strategies to Maximise Profitability: Value-Based, Premium Pricing, and More
Manage episode 445089275 series 3012675
المحتوى المقدم من Annette Ferguson. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Annette Ferguson أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.
In this episode, I explore the pricing strategies that can have the biggest impact on your business’s profitability. I cover value-based pricing vs. cost-plus pricing, how to confidently raise your prices without losing customers, and how to effectively price for premium services vs. budget offerings.
What You’ll Learn:
• Why pricing is the most powerful tool to increase profitability.
• The difference between value-based and cost-plus pricing—and why value-based pricing can help you capture more value.
• How to raise your prices with confidence and keep your customers happy.
• How to price for premium services and budget offerings without sacrificing profit margins.
Resources:
• Ultimate Pricing Strategy Toolkit (Free Download): https://www.annetteandco.co.uk/ultimate-pricing-strategy-toolkit/
Connect with Me:
- Profit First UK Facebook Group: https://www.facebook.com/groups/915326342418247
- Instagram: https://www.instagram.com/annettefergs/
- LinkedIn: https://www.linkedin.com/in/annettefergusonuk/
- Website: https://www.annetteandco.co.uk/
488 حلقات
مشاركةManage episode 445089275 series 3012675
المحتوى المقدم من Annette Ferguson. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Annette Ferguson أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.
In this episode, I explore the pricing strategies that can have the biggest impact on your business’s profitability. I cover value-based pricing vs. cost-plus pricing, how to confidently raise your prices without losing customers, and how to effectively price for premium services vs. budget offerings.
What You’ll Learn:
• Why pricing is the most powerful tool to increase profitability.
• The difference between value-based and cost-plus pricing—and why value-based pricing can help you capture more value.
• How to raise your prices with confidence and keep your customers happy.
• How to price for premium services and budget offerings without sacrificing profit margins.
Resources:
• Ultimate Pricing Strategy Toolkit (Free Download): https://www.annetteandco.co.uk/ultimate-pricing-strategy-toolkit/
Connect with Me:
- Profit First UK Facebook Group: https://www.facebook.com/groups/915326342418247
- Instagram: https://www.instagram.com/annettefergs/
- LinkedIn: https://www.linkedin.com/in/annettefergusonuk/
- Website: https://www.annetteandco.co.uk/
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Financial and Lifestyle Freedom for UK Business Owners
1 552. Advanced Financial Metrics: Unlocking the Key to Sustainable Growth 6:32
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التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode, we go beyond the basics and dive deep into advanced financial metrics like EBITDA, Operating Leverage, Economic Value Added (EVA), and more. Discover how these metrics can drive profitability, optimise cash flow, and enhance strategic planning. What You’ll Learn: • The importance of tracking advanced financial metrics • How to use EBITDA and Operating Leverage to boost profitability • Calculating Economic Value Added to assess value creation • Strategies to optimise your Cash Conversion Cycle • Using ROCE and Z-Score to assess financial health Resources Mentioned : - Podcast episode - 544 Understanding Business Finances Beyond the Basics: Advanced Metrics for Growth - https://www.annetteandco.co.uk/544-understanding-business-finances-beyond-the-basics/ - Strategic Financial Metrics Toolkit (Free Download) https://www.annetteandco.co.uk/strategic-financial-metrics-toolkit/ Connect with Me: - Profit First UK Facebook Group: https://www.facebook.com/groups/915326342418247 - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/ Transcript Welcome back to the podcast! And today, we’re diving into an advanced topic that can transform your business: Understanding Advanced Financial Metrics to Optimise Performance . We often hear about basic metrics like profit margins and cash flow, but today, we’re going to go beyond that and discuss metrics that can drive sustainable growth for your small business. Whether you’re a seasoned entrepreneur or just starting out, mastering these metrics will set you on the path to success. So grab your notebook because we’re about to get into the details!” The Importance of Tracking Advanced Financial Metrics “Let’s kick things off by discussing why advanced financial metrics matter. As a business owner, you might be tracking your revenue and profit margins, which is great—but that’s just the beginning. Metrics like EBITDA, Operating Leverage, and Return on Capital Employed (ROCE) provide a deeper understanding of your business’s health. They go beyond the basics to help you optimise efficiency, identify potential risks, and make strategic decisions. By understanding these advanced metrics, you’re not just looking at the past—you’re using them to plan for a more profitable future.” Understanding EBITDA and How It Impacts Strategic Planning “Let’s start with EBITDA —that’s Earnings Before Interest, Taxes, Depreciation , and Amortisation . Think of EBITDA as a way to measure your business’s operational performance. Unlike net profit, EBITDA strips out expenses that aren’t directly related to your core operations. So, why is this metric important? Because it helps you evaluate the profitability of your business without the noise of financing and accounting decisions. If your EBITDA is growing, it’s a sign that your core business is getting stronger.” Maximising Profitability with Operating Leverage “Next, let’s talk about Operating Leverage . This metric shows how sensitive your profits are to changes in sales. Essentially, it measures the impact of fixed costs on your business. If you have high operating leverage, a small increase in sales can result in a significant increase in profits. But beware—it also means that a small drop in sales can hurt your bottom line. The key is to find the right balance between fixed and variable costs to optimise profitability.” Tip : Use our Operating Leverage Calculator which is included in our Strategic Financial Metrics Toolkit to determine your business’s degree of operating leverage. - https://www.annetteandco.co.uk/strategic-financial-metrics-toolkit/ Creating Value with Economic Value Added (EVA) “Now let’s explore Economic Value Added (EVA) . EVA is all about measuring the true value your business is creating beyond its cost of capital. It’s a powerful tool for assessing whether your business is generating real economic profit. To calculate EVA, you subtract your capital costs from your Net Operating Profit After Taxes (NOPAT). If the result is positive, it means your business is adding value. If it’s negative, it’s a signal to reassess your strategy.” Optimising Cash Flow with the Cash Conversion Cycle “Let’s dive into the Cash Conversion Cycle (CCC) . This metric tells you how quickly your business can convert its investments in inventory and receivables into cash. It’s a critical measure of liquidity. A shorter cash conversion cycle means more cash is freed up to reinvest in the business. To optimise your CCC, focus on reducing inventory days, speeding up receivables, and delaying payables.” Assessing Efficiency with ROCE and Z-Score “Finally, let’s talk about Return on Capital Employed (ROCE) and the Z-Score . ROCE measures how efficiently you’re using your capital to generate profits. It’s especially useful if you’re looking to scale your business. On the other hand, the Z-Score is a predictor of financial distress. It uses a combination of metrics to gauge your business’s financial health. A score above 2.99 indicates a low risk of bankruptcy, while anything below 1.81 is a warning sign.” Conclusion “That’s a wrap for today’s episode! I hope you found these insights into advanced financial metrics valuable. Remember, understanding these metrics is not just about survival—it’s about thriving in a competitive market. If you’re ready to dive deeper, be sure to download our Strategic Financial Metrics Toolkit , packed with templates, checklists, and guides to help you optimise your business. Thank you so much for tuning in! Don’t forget to subscribe, leave a review, and share this episode with other business owners who can benefit.…
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Financial and Lifestyle Freedom for UK Business Owners
1 551. Tax Planning Strategies for UK Small Business Owners: How to Save Money and Reduce Your Tax Bill 10:45
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التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode, we explore actionable tax planning strategies to help UK small business owners reduce their tax liabilities and maximise their savings. From claiming deductions to leveraging tax-efficient investments, this episode is packed with tips to help you prepare for the end of the tax year. What You’ll Learn : • The importance of proactive tax planning • How to maximise deductions and allowances • Tax-efficient investments to reduce your taxable income • Tips for preparing your self-assessment tax return • Last-minute year-end tax planning strategies Resources Mentioned : • Download the FREE Comprehensive Tax Planning Toolkit Connect with Me: - Profit First UK Facebook Group: https://www.facebook.com/groups/915326342418247 - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/…
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Financial and Lifestyle Freedom for UK Business Owners
1 550. Creating a Sustainable Growth Strategy for Your Small Business 7:48
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التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode, we explore how to create a sustainable growth strategy for your small business. From setting SMART goals to managing cash flow and optimizing your operations, I cover all the essentials for growing your business sustainably. What You’ll Learn : • The importance of having a clear vision and SMART goals • How to budget and allocate resources effectively • Tips for streamlining operations and scaling your business • Strategies for building a high-performing team • Long-term planning and risk management Resources Mentioned : • Download the FREE Sustainable Growth Strategy Toolkit Connect with Me: - Profit First UK Facebook Group: https://www.facebook.com/groups/915326342418247 - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/…
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Financial and Lifestyle Freedom for UK Business Owners
1 549. Financial Mistakes Small Business Owners Make (And How to Avoid Them) 7:34
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التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode, I break down the most common financial mistakes small business owners make—and how to fix them. From cash flow management to pricing strategies and tax planning, this episode will help you avoid costly errors and set your business up for long-term success. What You’ll Learn : • The importance of cash flow forecasting and keeping personal and business finances separate. • Why underpricing can hurt your business and how to price your services based on value. • How to create a budget that helps you track expenses and meet long-term financial goals. • Key tax planning tips to avoid year-end surprises. Resources Mentioned : • FREE Financial Mistakes Prevention Toolkit https://www.annetteandco.co.uk/financial-mistakes-prevention-toolkit/ • The Profit Plan (Kindle Book 77p) https://www.annetteandco.co.uk/ppbook Connect with Me: - Profit First UK Facebook Group : https://www.facebook.com/groups/915326342418247 - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/…
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Financial and Lifestyle Freedom for UK Business Owners
1 548. Managing and Reducing Business Debt: Strategies for Financial Freedom 11:02
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التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode, I explore practical strategies to manage and reduce business debt. Learn the difference between good and bad debt, how to assess your current debt situation, and the best methods to reduce debt while improving your cash flow. What You’ll Learn : • How to differentiate between good debt and bad debt. • How to assess your current debt and prioritise repayment. • Strategies to reduce debt, including the debt snowball and debt avalanche methods. • Tips for improving cash flow to pay off debt faster. • Long-term strategies to avoid falling into debt again. Resources Mentioned : • Business Debt Reduction Toolkit (Free Download) https://www.annetteandco.co.uk/business-debt-reduction-toolkit/ Connect with Me: - Profit First UK Facebook Group: https://www.facebook.com/groups/915326342418247 - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/…
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Financial and Lifestyle Freedom for UK Business Owners
1 547. Financial Forecasting: How to Plan for the Future with Confidence 8:38
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التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode, I dive into the essential steps of financial forecasting —from predicting your revenue and controlling expenses to ensuring cash flow stability. Learn how to create accurate financial forecasts and use them to guide your business decisions with confidence. What You’ll Learn : • What financial forecasting is and why it’s critical for business success. • How to create a revenue forecast that sets you up for growth. • The importance of expense forecasting and planning ahead for costs. • How to ensure cash flow stability during growth periods. • How to use financial forecasts to make strategic decisions. Resources : • Financial Forecasting Toolkit (Free Download): https://www.annetteandco.co.uk/financial-forecasting-toolkit/ Connect with Me : - Profit First UK Facebook Group: https://www.facebook.com/groups/915326342418247 - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/…
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Financial and Lifestyle Freedom for UK Business Owners
1 546. Pricing Strategies to Maximise Profitability: Value-Based, Premium Pricing, and More 10:17
10:17 التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احب10:17
التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode, I explore the pricing strategies that can have the biggest impact on your business’s profitability. I cover value-based pricing vs. cost-plus pricing , how to confidently raise your prices without losing customers, and how to effectively price for premium services vs. budget offerings . What You’ll Learn: • Why pricing is the most powerful tool to increase profitability. • The difference between value-based and cost-plus pricing—and why value-based pricing can help you capture more value. • How to raise your prices with confidence and keep your customers happy. • How to price for premium services and budget offerings without sacrificing profit margins. Resources : • Ultimate Pricing Strategy Toolkit (Free Download): https://www.annetteandco.co.uk/ultimate-pricing-strategy-toolkit/ Connect with Me : - Profit First UK Facebook Group: https://www.facebook.com/groups/915326342418247 - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/…
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Financial and Lifestyle Freedom for UK Business Owners
1 545: Financial Planning for Small Business Growth: Cash Flow, Budgeting, & Strategic Investments 8:09
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التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode of the Financial and Lifestyle Freedom Podcast, I dive into how to prepare your small business financially for growth. I cover cash flow forecasting, budgeting for growth, and strategic investment planning. These three components are essential for any small business owner looking to expand their business sustainably and confidently. What You’ll Learn: - Cash Flow Forecasting: How to predict your future cash flow to ensure your business has enough cash to grow. - Budgeting for Growth: How to set up a growth-focused budget and manage expenses. - Strategic Investment Planning: How to align investments with your business growth goals without giving specific financial advice. Resources Mentioned in this episode: - Cash Flow Planning Template (Free Download) https://www.annetteandco.co.uk/cashflow-template/ - The Profit Plan Kindle Book (77p on Amazon) https://www.annetteandco.co.uk/ppbook Connect with Me: - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/…
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Financial and Lifestyle Freedom for UK Business Owners
1 544 Understanding Business Finances Beyond the Basics: Advanced Metrics for Growth 9:44
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التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode, Annette dives into the advanced financial metrics every small business owner should be tracking to grow their business. Learn how to calculate and improve your profit margins, manage your operating cash flow, and measure your return on investment (ROI). These three metrics give you a clearer picture of your business’s financial health and help you make smarter decisions. What You’ll Learn: - How to calculate and improve your profit margins. - Why operating cash flow is crucial for day-to-day business stability. - How to measure ROI and make smarter investments in your business. Resources Mentioned: - Profit First Instant Assessment Template (Free Download) - Cashflow Planning Template (Free Download) - The Profit Plan (Kindle Book 77p) Connect with Me: - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/ Transcript We’ll be talking about three key financial metrics that are essential for the long-term health and growth of your business: **profit margins, operating cash flow, and return on investment (ROI)**. These metrics give you a deeper understanding of how well your business is really doing and where you need to make improvements. So, let’s jump right in!” --- #### **Segment 1: Profit Margins (3-5 minutes)** “First up, let’s talk about **profit margins**. **What are profit margins?** Simply put, profit margins show how efficiently your business turns revenue into profit. There are three main types: gross, operating, and net profit margins. - **Gross Profit Margin**: This is your revenue minus the cost of goods sold, or in a service-based business, the cost of delivering your service. - **Operating Profit Margin**: This includes your operating expenses—things like rent, salaries, and utilities—giving you a clearer picture of your day-to-day profitability. - **Net Profit Margin**: This is what’s left after all expenses, taxes, and interest are taken into account. It’s your ‘bottom line’ profit. **Why does this matter?** Profit margins tell you how well you’re managing your costs and pricing your services. Higher margins mean you’re keeping more of what you earn, which makes your business more sustainable. **How can you improve profit margins?** There are two main ways: increase your prices or reduce your costs. Sometimes it’s as simple as streamlining your processes or eliminating unnecessary expenses. I cover this in detail in my free **Profit First Instant Assessment Template**, which you can download to evaluate where your profits are going and where you can improve.” --- #### **Segment 2: Operating Cash Flow (5-7 minutes)** “Next, let’s move on to **operating cash flow**. **What is operating cash flow?** This metric measures the cash your business generates from its core operations. It’s not the same as net profit because it focuses solely on cash transactions—money coming in from sales and going out for expenses. **Why is cash flow so important?** Even if your business is profitable on paper, without strong cash flow, you can’t pay your bills, employees, or invest in growth. Positive cash flow means you have liquidity, giving you the flexibility to cover day-to-day operations and make strategic investments. **How to improve cash flow**: 1. **Shorten your receivable cycles**: Get paid faster by reducing payment terms or offering discounts for early payment. 2. **Manage expenses**: Delay non-essential spending during lean months and prioritize what’s necessary. 3. **Increase sales without increasing costs**: Upsell to your current clients or introduce new services that don’t significantly add to your expenses. If you’re unsure about your cash flow, download my **Profit First Instant Assessment Template** and start tracking it today.” --- #### **Segment 3: Return on Investment (ROI) (5-6 minutes)** “Finally, let’s talk about **Return on Investment (ROI)**. **What is ROI?** ROI measures how profitable an investment is. It can apply to anything from marketing campaigns to hiring staff or buying new equipment. Essentially, it tells you whether the money you’re spending is giving you a good return. **How do you calculate ROI?** The formula is simple: ROI = (Net Profit from Investment / Cost of Investment) x 100. Let’s say you spend £1,000 on a marketing campaign that generates £5,000 in new sales. Your ROI would be 400%, meaning that every £1 you spent returned £4. **Why ROI matters**: By tracking ROI, you can make smarter decisions about where to put your money. If something isn’t giving you a good return, it’s a sign to shift your focus elsewhere. This applies to all areas of your business—marketing, staff, equipment, and even training programs. Maximising ROI is about investing strategically…
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Financial and Lifestyle Freedom for UK Business Owners
1 543. Boosting Profitability Without Increasing Revenue: Maximising Profit Margins for Service-Based Businesses 10:18
10:18 التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احب10:18
التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIn this episode on the Financial and Lifestyle Freedom Podcast, Annette shares how service-based business owners can increase their profitability without raising their revenue. She dives into three practical strategies to help you maximise profit margins: cost-cutting, pricing strategies, and upselling to existing clients. Tune in to learn how small tweaks can lead to significant improvements in your bottom line. What You'll Learn: - Why profit margins matter more than revenue for service-based businesses. - How to cut costs without compromising quality. - How to implement value-based pricing and raise prices effectively. - Tips on upselling and cross-selling to boost the value of each client relationship. Other useful resources: - Profit First for UK Business Owners Workshop (£27) - The Profit Plan (Kindle Book) Connect with Me: - Instagram: https://www.instagram.com/annettefergs/ - LinkedIn: https://www.linkedin.com/in/annettefergusonuk/ - Website: https://www.annetteandco.co.uk/ Transcript: Today, I’ll be walking you through three key strategies—cutting costs, refining your pricing, and increasing the value of each client relationship through upselling. So, let’s jump right in!” Boosting Profitability: Why Profit Margins Matter As business owners, we often think that the key to profitability is increasing sales or revenue. But the truth is, profit margins—how much profit you keep from each pound earned—are just as important, if not more. When you focus on maximising profit margins, you're making sure that the work you’re already doing is as efficient and profitable as possible. This is particularly critical for service-based businesses, where your main cost is time. Unlike product-based businesses, where scaling can be about moving more inventory, in service-based businesses, it’s about working smarter, not harder. Boosting Profitability: Cost-Cutting Strategies The first strategy to boost your profit margins is reducing your costs. Now, when people hear ‘cutting costs,’ they often think of extreme measures like laying off staff or cutting down on service quality—but that’s not what we’re talking about here. Cost-Cutting That Doesn’t Sacrifice Quality: 1. Renegotiate Contracts: Take a look at your existing contracts and subscriptions—are you paying for tools or services that aren’t delivering value? Contact providers and try to renegotiate your rates, especially for software, contractors, or marketing services. 2. Automate Repetitive Tasks: Time is one of your biggest costs as a service-based business owner. Look at what repetitive tasks can be automated—things like invoicing, scheduling, or even elements of client communication. 3. Cut Non-Essential Spending: Review your expenses and identify where you might be overpaying. For example, are there any marketing strategies or tools that aren’t delivering a return on investment? Free up cash for more important areas of the business. Boosting Profitability: Pricing Strategies for Profitability Next, let’s talk pricing. One of the fastest ways to boost your profit margin is by adjusting your pricing strategy. Too often, business owners set their prices based on time spent or what competitors are charging, but this leaves money on the table. Value-Based Pricing: Value-based pricing is all about focusing on the value you bring to your client. For example, if the service you provide saves your client 10 hours of work each week or helps them generate £5,000 in extra revenue, your pricing should reflect that value, not just the hours you put into delivering the service. Raising Prices Without Losing Clients: The idea of raising prices can be intimidating, but here’s the thing—you can increase prices without scaring off clients, as long as you communicate the value you bring. Consider packaging services together to add value or offering premium tiers. This gives clients options and helps justify the price increase. Boosting Profitability: Upselling & Cross-Selling The final strategy I want to cover today is upselling and cross-selling to your existing clients. It’s far easier—and cheaper—to sell more to existing clients than to acquire new ones. This doesn’t mean being pushy, but rather offering additional value. Upselling is when you encourage a client to purchase a more premium or expanded service. For example, if you offer consulting services, you might offer an ongoing monthly retainer for clients who need regular support. Cross-Selling involves offering complementary services. For example, if you’re a web designer, you might also offer maintenance packages, SEO services, or content creation. These are services that enhance your client’s experience and increase the average order value, thereby boosting your profit margins. Remember, the key to successful upselling is to focus on providing more value to your clients, not just increasing what they spend with you. Boosting Profitability: Recap & Call to Action Let’s quickly recap the three strategies we covered to help you maximise your profit margins without increasing your revenue: 1. Cut costs efficiently without sacrificing the quality of your services or the experience you deliver to clients. 2. Refine your pricing strategy by moving towards value-based pricing and raising your prices in a way that communicates the value you deliver. 3. Upsell and cross-sell to your current clients to increase the average order value and profitability of each client relationship.…
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Financial and Lifestyle Freedom for UK Business Owners
1 542 . How to Retain More Clients by Understanding Your Churn 7:54
7:54 التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احب7:54
التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبIf you've observed a decline in the frequency of one or two customers purchasing your products or services, it may indicate that they have churned. While most businesses face churn, it's essential to keep track of it. Research suggests that retaining existing customers is more cost-effective than acquiring new ones. In this episode, Annette will provide you with some useful tips to prevent churn in your business Here are a few insights you’ll hear in today’s show… What is ‘churn rate’ and do you compute the churn rate? Why is it important to monitor churn rate and why is it more effective to retain customers rather than acquiring new ones? What are the causes of churn? How do you reduce churn, what are the strategies that you can implement in your business? How to measure the success of your churn-reducing strategies. Resources: If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247 . To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/ . Connect with Annette Ferguson: Facebook - https://www.facebook.com/UKAnnetteFerguson/ Instagram - https://www.instagram.com/annetteandco_/ YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners - https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522…
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Financial and Lifestyle Freedom for UK Business Owners
As a business owner and a mother of two, my morning routine has to involve my family. I value family time, so I'm always there to help my children get ready for school and eat breakfast together. I've tried the "get up at 5 am and get your day done by 11" routine, but it's not sustainable for me. It's crucial to design a morning routine in the context of one's family and how one wants their family to operate. I usually start my workday after my children leave for school. I review my calendar and have a daily huddle meeting with my team. Sometimes, I exercise in the morning, but it's not a regular part of my routine. I don't do affirmations, journaling, or any of the popular morning routines. Instead, I suggest doing a brain dump at least once a week to organize all the swirling to-dos in one's head. Resources: If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247 . To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/ . Connect with Annette Ferguson: Facebook - https://www.facebook.com/UKAnnetteFerguson/ Instagram - https://www.instagram.com/annetteandco_/ YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners - https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522…
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Financial and Lifestyle Freedom for UK Business Owners
1 How to Understand if Trade Debtors Are Damaging Your Business 8:45
8:45 التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احب8:45
التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبSimply having numerous customers who owe significant debts does not necessarily equate to a successful business. In fact, it can be detrimental, particularly to the cash flow. Therefore, although offering credit to customers can be beneficial, small business owners should understand the potential negative impact that trade debtors may have on the company's stability. Here are a few insights you’ll hear in today’s show… Steps to manage trade debtors: 1st Step - Understand your payment terms - What are payment terms and how it can affect your cash flow? 2nd Step - Send out invoices on time. 3rd Step - Chase late payments 4th Step - Make sure you monitor your accounts receivable - What are Accounts Receivable? 5th Step - Offering discounts for early repayments 6th Step - Setting clear credit limits 7th Step - Invoice Factoring - What is invoice factoring? 8th Step - Build strong relationships with customers 9th Step - Consider offering payment plans Resources: If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247 . To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/ . Connect with Annette Ferguson: Facebook - https://www.facebook.com/UKAnnetteFerguson/ Instagram - https://www.instagram.com/annetteandco_/ YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners - https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522…
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Financial and Lifestyle Freedom for UK Business Owners
Today's episode is about my favourite motto: trust your gut and understand the data. I explain the importance of both trusting your intuition and analyzing data when making business decisions. Resources: If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247 . To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/ . Connect with Annette Ferguson: Facebook - https://www.facebook.com/UKAnnetteFerguson/ Instagram - https://www.instagram.com/annetteandco_/ YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners - https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522…
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Financial and Lifestyle Freedom for UK Business Owners
1 Become Obsessed With Eliminating Bottlenecks in Your Business. Hint: That Might Be You 7:15
7:15 التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احب7:15
التشغيل لاحقا التشغيل لاحقا قوائم إعجاب احبThere are several bottlenecks business owners face and need to overcome in order to scale and grow their business to successful fruition. It is often said that some business owners themselves are the bottleneck of their business. That is why it is important to look into yourself and see what’s hindering you from unclogging the bottlenecks in your business. A business owner needs to be open to feedback because being at the center of the business may mean not seeing what’s in the hindsight. Here are a few insights you’ll hear in today’s show… What are some examples of bottlenecks that can occur in any area of your business? What are the four steps to identify bottlenecks in your business? How do you eliminate those bottlenecks so that you can grow and scale your business? Why does the owner themselves become the bottleneck of the business? Resources: If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247 . To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/ . Connect with Annette Ferguson: Facebook - https://www.facebook.com/UKAnnetteFerguson/ Instagram - https://www.instagram.com/annetteandco_/ YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners - https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522…
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