Two Powerful Shifts To Become More Profitable
January 28th, 2021 // 11:00 am @ Scott Manning
We’ve been talking about different ways to think about your business; about being a business owner and the paradigm shifts that are important for you to make to achieve breakthroughs in your ability to grow, increase profit, and do it all while also having a life you enjoy along the way.
Today, I want to jump inside of the business itself and share with you one of the most profitable leverage points. Believe it or not, it first begins, once again, with your mind.
That is there is no shortage of opportunity, no scarcity of customers, and there is absolutely no limit to the prosperity you can create for your life and the lives of others.
When you understand that the money is the easiest part and that you do more to get in the way of it than you do to facilitate it, you will look at your business completely differently and you will look at your customers completely differently.
This is the first big mindset shift that so few ever make and they stay stuck in self-employed mode making about as much as they could doing what they are doing for someone else because they haven’t made the shift to not just income from doing the business but also profit from owning the business.
They think it is their business that limits them, when it really is their thinking and expectations.
Be a believer in prosperity and operate your business with the flow of abundance in mind and turn it into a wealth attraction magnet – first and foremost – by not doing things that repel positive things and positive people.
This is why we always say that there is as much to the ‘energy’ of the experience as there is to the words or systems or environment itself.
How it feels to others does matter. You can call it buying mood or atmosphere or vibe or whatever you want but it doesn’t need fancy terms, it’s just about making people comfortable and embracing the idea that people are coming here to give you money because of what you are going to provide them in return.
Get this and you get one of the most transformative principles of all wealth attraction and business building dynamics at the very core of success.
There’s another big shift in mindset that occurs specifically to money itself – that there is no limit to what people will ‘spend’ (we say ‘invest’) with you for the right value exchange.
So often businesses get trapped in needing to grow by volume because they stay stuck on price.
Many people have taught the concepts and they each take credit for them so I’ll just tell you the obvious math for growing a business is…
Increase number of customers
Increase transaction size of customers
Increase frequency of transactions
Now, every business makes decisions about how it wants to grow and how each of these apply to it.
I can tell you: it’s never good for the only way to be increasing the number of customers because it’s the one that brings increases in overhead as well.
Of course, not all new customers are equal either. Getting more of the right kind of customer is what we’ll talk more about next week because there are important mindset shifts to make with that also.
Today, I’m challenging you on your beliefs and business structure around one core concept: stretching the actual price itself in order to – not make your customers more valuable to you but – make you more valuable to them.
For me, I wanted to be in a position to deliver value to someone when it’s what the relationship calls for. I want to provide the absolute best I can for every person, in my case the vast majority doctors, and do whatever it takes to help them succeed without anything standing in our way. Therefore, we have to have an investment to support that philosophy and level of service.
So often people don’t get this. That’s why the cheaper something is the worst the results. That company has chosen to reduce service, value, and quality in exchange for a low price – I suppose it’s the customers who ultimately chose this option, otherwise the company wouldn’t be able to remain in business.
Set your business up for success from the pricing perspective so that you can be your very best for every customer.
Here’s the paradigm shift: deliver enough value and people will pay the price. Not all the people, but you don’t need all the people. You just need enough of the right ones who can benefit, afford, and appreciate your level of quality and service.
The only reason you don’t think so, whatever limit is in your mind right now, is because you either haven’t tried or you haven’t done what’s necessary to command, earn, and deserve the value exchange from them.
You see these two principles link together… believing in unlimited prosperity and your ability to leverage up your pricing strategy in order to build a better business for everyone involved.
You get more leverage from price than you do from just about anything else in your business. That’s how you stack the deck in your favor inside of your business.
There’s a lot to study and reflect on here. Imagine the business you could create if you got past the idea that money is the most limiting constraint. How do you need to reshape your thinking about your customers, experience, relationships, value, and putting the power of pricing to work for you? Let’s change this paradigm in your mind once and for all.
More on this next week and some activities to bring it to life.
Category : Blog
