Being a busy fool sucks. Do you think you are a busy fool?
Are you working flat out delivering to your clients but still not making the money you deserve then you are a busy fool. Sorry!
But, it’s easy to change (you are going to think I’m being a bit flippant but stick with it as I’m not).
What’s the main cause of Busy Fool Disease?
Simple, poor pricing!
You are pricing your time too cheaply which means you are having to deliver too many hours to make your money.
Here’s some quick questions to answer to see where exactly the issue lies:
- How many hours do you have to deliver to meet your revenue target?
- Does that target take into account:
a. A few days off in case you are sick?
b. The tax man?
c. Time to do your admin and marketing?
- When did you last put your prices up?
- How long have some of your clients been on the same price?
It’s very common to find yourself in a position where you have to be billable Mon-Fri 9-5 to hit your targets and then you end up squeezing in the admin and marketing outside of those hours so you slowly work yourself in to the ground.
STOP! It doesn’t have to be that way
From today onwards up your pricing for any new clients. It’s easy; just make the decision to do it. Don’t convince yourself you are too expensive, just focus on the value you deliver. Add a clause in your contracts that allows you to review your pricing annually.
It’s a little trickier for your existing clients.
There’s bound to be some things you are throwing in for free which should be chargeable so make them chargeable! Or stop delivering them. A classic example is a monthly report. If you have a client that asks for one then make sure you charge for it, or reduce the scope of your other work to accommodate it.
I bet you naturally deliver extra “stuff” which you don’t perceive is valuable but your clients do so make this an additional price, or use it to justify your price increase.
If they have been with you for more than a year then it is reasonable to review their pricing.
Write them all a letter explaining your price has gone up for new clients and given the value you deliver (include the results you’ve helped the achieve) you will be increasing their price in 3 months time.
You may get the odd one complain but if you lose them the increase revenues you get from the existing ones will probably cover it, or you can make the decision not to increase their price for X additional months.
You have a choice
It’s up to you whether or not you stay a busy fool. I know which choice I’d make.
Just bit the bullet and make the changes. You’ll feel so much better for it and so will your bank account!