Have you ever heard the old saying; money goes to money? The idea behind that saying, is that people with money find it easier to make even more money.
A very common example of this from the world of small business, is the way small business owners think, with regard to the clients they choose to work with and the fees they are prepared to work for.
Here’s what we see:
- Those who have little money behind them, will take on almost any new client, who comes their way.
- Those who are financially stronger, will usually cherry pick who they work with. If they think someone is a bad fit or likely to be a total pain in the butt to work with, they won’t work with them.
Under performing small businesses often struggle from year to year, because the business is run from a mindset of fear. As a result, they work for low fees and accept anything that comes their way. This then ensures they stay in that fear cycle, as they never earn enough to become more selective about who they work with or what they charge.
How to escape the cycle
We have to start by understanding that even a wealthy business owner, would soon find themselves in financial peril, if they were to apply the same thinking to their business development. No business can thrive, working for peanuts and for clients who undervalue them and their time.
The only way out of this cycle, is to become selective about who you work with and then, to offer the highest quality service you can, which you charge for accordingly. You need to do this before you become wealthy, or you will find yourself stuck in the cycle. Ironically, better quality clients are not only easier to work with, they are also happy to pay a premium for a great service.
In short: Be selective who you work with, offer great value, then charge a fee that reflects that value.
Let’s work together and grow your business. To find out more click here!