Guest Post: by Cynthia Renee Frazier.
I thought it would be timely to post some great tips to start the upcoming year off right!
1. Give yourself a raise
When it comes to pricing, many entrepreneurs, particularly women business owners, place a lower cost on their products and services than what the market will bear. Conduct a price analysis on your pricing structure. Be sure to consider these areas. a) what it cost to provide your product or service; b) pricing options such as flat rate vs hourly, subscription based, retainer, or volume pricing; c) the value of your brand; d) your competition and its prices; and e) market demand. Chances are, after a thorough examination, you will find that there is a fair and reasonable cause to increase your prices.
2. Write a marketing action plan
Whether you have a formal business plan or not, it is important to have a blueprint that speaks directly to marketing. Why? Because marketing is the process by which you acquire and maintain customers. Generally speaking, you don’t go from meeting someone to having them spend money with you all in the same instance. Most customers are looking for information that will help them decide where to buy sometime later. A focused marketing plan that identifies your ideal clients, what their problems are, and how you can solve those problems, will result in increased profits for your company.
3. Trust your intuition
“A Woman’s Intuition” has been dubbed as the 6th sense. A woman’s intuition is those instinctive messages women get deep down when something feels right or it feels wrong. When it comes to men, it is known as gut feeling. Women should develop and trust their intuition in business. Don’t second guess yourself.
4. Join a networking organization
Networking is the lifeblood of entrepreneurship. Joining a membership organization is a great strategy when you are looking at ways to grow your business. An organization membership can provide tremendous value to your company. It can bring business to you. You can find mentors and experts to provide valuable advice. The commodore and motivation is priceless. And you can find success partners to hold you accountable for your goals.
5. Identify your strengths and hire out your weaknesses
Entrepreneurs start a business because they have a particular expertise or knowledge that can help others. However, small business owners quickly discover that there are many tasks to be done that fall out of their current skill set. So they end up wasting valuable time and energy trying to learn what they don’t know. Unfortunately, this feeds fear and leaves a feeling of incapability. A better approach is to take on those tasks that you have a passion for and delegate those tasks that slow you down. Working your strengths will give you confidence – a confidence that your customers and potential customers are sure to take notice of.