profitability

  • Key Factors When Pricing Services

Key Factors When Pricing Services

6 Key Factors to Consider When Pricing Services

Is your service company profitable? How profitable? How do you know?

Pricing for service-based businesses is often elusive for many business owners. If you look at the price for consulting or marketing, for example, you will likely find pricing and pricing strategies all over the place. If they are based on hourly fees, some firms will focus on a low price strategy, others will be more “middle of the pack” – basing their pricing on average market rates, and others present themselves as premium service offerings. If they are project-based, they may price based on estimated hours or even based on the future value of the service.

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Business Health Check: What Do Your Company’s Vital Signs Look Like? | Extraordinary Business

business health
We learn as we become responsible adults that the important things in life need regular care and maintenance. We see our doctor for a yearly exam to make sure our body is fit and running well, we take our cars into the garage every year for a bumper-to-bumper inspection to keep us driving safely on the road, and even the small but precious things such as that engagement ring gets a yearly cleaning and checkup to make sure there’s no wear and tear that might compromise the expensive stones. It’s smart to be proactive in the care and maintenance of the things we value most, and our business health should be right there at the top of that list.
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How to Tell if it’s the Right Time to Grow Your Business | Extraordinary Business

Expanding your business is almost always on an entrepreneur’s agenda. Whether it’s increasing your revenue from $1 million to $10 million or beyond, your decisions regarding how to expand are crucial. Ascertaining the right time to grow is one of the key qualities of successful entrepreneurs.

Business expansion comes with some inherent risks and your ability to identify the ideal conditions for growth will determine your continued success. Let’s look at some key indicators that tell you whether it’s the right time to grow your business.

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How to Tell if it’s the Right Time to Grow Your Business | Extraordinary Business

Expanding your business is almost always on an entrepreneur’s agenda. Whether it’s increasing your revenue from $1 million to $10 million or beyond, your decisions regarding how to expand are crucial. Ascertaining the right time to grow is one of the key qualities of successful entrepreneurs.
Business expansion comes with some inherent risks and your ability to identify the ideal conditions for growth will determine your continued success. Let’s look at some key indicators that tell you whether it’s the right time to grow your business.

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Bad Customer Sucker Punch | Extraordinary Business

What to do about your company’s annoying, expensive, self-serving, obnoxious, never pleased, resource consuming customers (not the good ones!)

difficult-customer…so you are zipping along in your car for a vacation…freshly cleaned car, top down, radio playing your favorite tunes, sun shining, headed to your favorite place to do whatever it is you do to unwind. Money, speed, time – mean nothing at this point…just living the dream.

Suddenly, the person next to you decides they want the top up and to change the station. Sure…you don’t want to be inflexible, so you might give in and put the top up. heck – you are still headed where you want to go. But they insist on changing the music, too.

Okay – now they are messing with some core beliefs. But you can live with it…you think.

Then they want to stop and get something to eat and use the bathroom. After holding up your trip for 30 minutes, they decide they want to eat in your freshly cleaned car!!I You know that they are going to create and leave a mess…

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Bad Customer Sucker Punch

What to do about your company’s annoying, expensive, self-serving, obnoxious, never pleased, resource consuming customers (not the good ones!)

…so you are zipping along in your car for a vacation…freshly cleaned car, top down, radio playing your favorite tunes, sun shining, headed to your favorite place to do whatever it is you do to unwind. Money, speed, time – mean nothing at this point…just living the dream.

Suddenly, the person next to you decides they want the top up and to change the station. Sure…you don’t want to be inflexible, so you might give in and put the top up. heck – you are still headed where you want to go. But they insist on changing the music, too.

Okay – now they are messing with some core beliefs. But you can live with it…you think.

Then they want to stop and get something to eat and use the bathroom. After holding up your trip for 30 minutes, they decide they want to eat in your freshly cleaned car!!I You know that they are going to create and leave a mess…

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The Bottom Line | Extraordinary Business

Despite our best (or worst) intentions, it is the results that matter

stakeholdersThere have been a lot of conversations around the country about sustainability, business practices, ethics and a lot of what some might call “secondary stakeholder” concerns.  Interestingly, there have been a number of companies that have gotten stellar reviews for excellent customer service, environmentally friendliness and other “secondary stakeholder” concerns that appear to be less visible or have less market share.

Take T-Mobile, for example.  This was the mobile phone company that multiple JD Power & Associates awards for great customer service.  Despite the accolades, they are the smallest of the giants and have to constantly change market positions in order to maintain or even gain any market share.  Shouldn’t a company that puts that much energy into providing a great product and great service be at the top of the market?  They have great intention, don’t they?

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Non-Conformist | Extraordinary Business

Getting ahead in business requires doing not what everyone else is doing but doing things differently

Take the road less traveled Have you ever been to an event where they gave you a check list of “stuff” that you absolutely need to do in order to “take your business to the next level?” Did they almost guarantee that you would be able to achieve whatever goals you set out for yourself by implementing their recommendations? Did they show you dozens of people and testimonials of people who used the system, followed the steps and became overnight successes?
In the words of Dr. Phil, “How did that work out for you?”
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Non-Conformist | Extraordinary Business

Getting ahead in business requires doing not what everyone else is doing but doing things differently

Take the road less traveled Have you ever been to an event where they gave you a check list of “stuff” that you absolutely need to do in order to “take your business to the next level?” Did they almost guarantee that you would be able to achieve whatever goals you set out for yourself by implementing their recommendations? Did they show you dozens of people and testimonials of people who used the system, followed the steps and became overnight successes?

In the words of Dr. Phil, “How did that work out for you?”

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