Today, I thought

I'd talk to you

about three ways to

increase the profit

in your business.

How does that sound?

Feel free to double

speed me if you

think really quickly.

Uh, the first way

I find is to look

at your numbers.

I know I cheated a

little bit there.

I am going to give you

some tips, but first,

what I want to say is

you need to do a deep

dive into your numbers.

You need to fall in

love with your numbers.

And.

Revenue, that is the

money that comes in

from the top line.

So that's the amount

of money that you bring

into the business.

But profit is the

money you keep at

the end of the day.

Once your expenses

are paid, once your

salary's paid, once

everything is paid.

And it sounds silly

and yet so simple, but

I see too many women,

especially women.

Bearing their

heads in the sand.

I get it.

And I don't get it.

And one of the books

that I love, I thought

I would share with you.

So one of the books

that I love around

this is called

a Prophet First.

Uh, and it's by Mike

Mikul, Mikulawoski,

Mikul, anyway.

Mike profit first.

I love the

book so much.

What I don't love

about the book is

they say to set up

seven bank accounts.

My tiny mind just

can't cope with that.

But I did set up

three bank accounts.

They are my daily

expenses or my

operating expenses,

my GST tax, anything

that I owe the ATO and

then a profit account.

And when I first

started my business,

I moved a small

percentage, very small

percentage every week

into the profit account

and just watch it grow.

grow, I should say.

And as more revenue

came in, I upped

the percentage that

I would move into

the profit account.

I hear women,

especially on socials

say they've made a

million bucks, but

how much did they

actually get to keep?

You can have a

great launch.

And make a

million dollars.

But if you spent a

million dollars to get

the million dollars,

I'm not sure there's

much profit there.

Profit to me is a

measure of success.

Just my opinion.

All right.

Three ways to

increase your profit.

That was one, but

that was a sneaky one.

So I might give you a

bonus one at the end.

Uh, I will call

this number two.

Putting your prices up.

Please put

your price up.

Women generally are not

charging enough money.

The amount of

conversations I

have with them about

raising their prices

to increase their

profit in business.

This is not just

about money.

This is about valuing

yourself enough

and knowing you are

worthy of charging the

prices that you do.

That's it, right?

If you've been in

business for more

than a couple of

years and never

put your prices up.

Lady, let's do it.

We have inflation.

We have costs

are increasing.

That also means

business costs

are increasing.

Please put

your prices up.

If you're watching

this, feeling my

pain, I've got a

question for you.

Type in the comments

or reply to us.

Just tell us when

was the last time you

put your prices up?

Have you looked

at this lately

and how did it go?

I'm super,

super curious.

Now, pricing.

It's a tricky one.

If I had a dollar for

every person that asked

me what they should

charge, I would be

one very rich lady.

In fact, I see a lot

of people on Facebook

groups asking what

they should charge and

going into groups, and

that's just messing

with other people's

money mindsets.

Unfortunately, it's

not a one size fits

all necessarily, but

there are a couple of

things to consider.

What I like to call

Value based pricing.

Now I did not make that

term up by the way.

I just really like it.

It's charging based

on the value you

provide to customers

or to clients rather

than just the cost

plus pricing model.

This allows you to

increase your prices

if you're providing

significant value.

There's a great

book on this.

Alan Weiss, W E I

S S wrote a Ripper

book on this.

It's called

Value Based Fees.

But hold on to your

heart if you haven't

been charging very much

because he will push

you to your limits.

The other strategy you

could do or you could,

pop into place is a

discount strategy.

So using strategic

discounts to drive

volume without eroding

your profit margins.

So for example, think

about bundling some

offers together or

a loyalty program

of some sort.

The other thing that

you've already talked

about, but I think

it's so significant

that I'm going to say

it again, regularly

reviewing your prices.

Making sure every six

months, every year,

whatever it is, you

review and adjust

your prices based on

market conditions.

It might be based on

competitor pricing.

this one is the easiest

way to increase that

profit margin, right?

I had a client who

worked tirelessly

for her clients.

She always goes

above and beyond.

Nothing is too

much trouble.

Her clients tell her

to put her prices up.

Her clients ask

for extra invoices.

And yet she has

not managed to put

her prices up yet.

There's always a

reason for her to not

increase her prices.

But I suspect when

she finally does, Wow.

I'll be like, woohoo.

When she finally does,

she'll regret not

having done it sooner.

Another way to increase

your revenue and also

your profit is to throw

out some new offers.

So I don't mean just

pop out an offer.

That has no margin

in it, popping out an

offer that has good

revenue, but also

good profit in it.

for me, because we

cap our one on one

clients each year,

normally it needs

to be a group thing.

And I'm always creating

new offers that speak

to different audiences

and also, , brings

new people into my

world, which I love.

I create an offer

a few times a year.

I test and learn, test

and learn, and I ditch

what doesn't work

and I keep what does.

That is how our

revenue raiser

program came about.

All right.

I'll give you a

bonus because the

first one was diving

into your numbers

versus anything else.

I would call this

project Optimize.

It might sound boring.

Anyway, I have been

in business for seven

years this year and

what I needed in my

first year in terms of

tools and technology

and apps and all the

kind of stuff is really

different to what I

need seven years later.

And by the way, don't

even get me started

on subscriptions.

There are so many

that are necessary and

so many you get, and

then you forget about.

if you had a look at

your subscriptions, you

would see that you're

wasting so much money.

So have a

look at those.

That's my little

tip for you.

But this year we

decided to optimize

what we already had.

And that means looking

for efficiencies in

everything that we

do and optimizing

what we can.

And for us, this

looks like something

really specific.

Two things, actually.

One, streamlining

processes.

So identifying and

eliminating bottlenecks

in your workflow.

For me, it's admin.

Admin makes my

eyes glaze over.

Paul Serena, who's

my business manager,

she had me looking

at something the

other day, within

five minutes.

She's like, you're

bored, aren't you?

I'm like, I'm so bored.

This is why I

do not do this.

So it's about.

Playing to your

strengths, first of

all, and knowing that

these things bore

you, but sometimes

they are necessary

and using tools and

software to automate

all the repetitive

tasks and processes.

And I'm not tech o, let

me say that up front.

so I had to go to

someone, the amazing

Katie Gray, to help me

work out my workflows,

to help me work out

how to automate my

workflows and to put

things in place that

were going to help me.

so that is a big

piece of work, by the

way, that is takes

all year, basically.

And then the second

thing we're doing

is negotiating

with suppliers.

Now, regularly

reviewing and

renegotiating your

contracts with

suppliers to get

better rates or

deals or terms.

But for us, this is

especially important

when we run the amount

of events that we run.

So we run a lot of

face to face events

here in Melbourne,

and they can be super

expensive to run.

I want to put a caveat

on this and say to

you that sometimes

I would rather pay

full price and get

the best experience

for my clients than

skimp on the cost.

So there is

that as well.

Sometimes things are

totally worth paying

full price for, and

you just need to know

what those things are.

But there are some

things that we know

don't matter quite

so much that we

could actually get

a better deal on.

And so Do you

don't ask?

You don't get.

The worst they

can say is no.

But looking at those

relationships and

working out, am I happy

with the relationship?

Am I happy with the

value for money?

Great.

You leave it.

Is there something

else we need to tweak?

So Where in your

business can you look

to increase profit?

Is it about reviewing

your prices?

Please send me a dm.

I wanna hear

about that.

Is it about creating

a new offer that

is scalable?

Is it about optimizing

what you have?

We would love to

know what you do

around increasing

profit in business.

Let us know how you go.