I had the pleasure of writing for Aisle Planner’s blog. You can catch an excerpt below… and click on the link that follows to read the whole thing.
There are 3 things that business owners can do to manage their cash flow better:
- Create a cash flow plan
- Create a business savings account
- Control your client payment flow
Let’s explore each of these… click here to read up on Aisle Planner’s blog.
I’m excited to head to the Windy City this February 20th to speak at the ILEA Meeting. I’ll be speaking to Chicagoans on how to ensure your team is made of the right people… and how to get the right people on your team. Will you join me?
Are You Working with The Right People
February 20, 2018
8:00 AM – 11:00 AM
The Lakewood – 1758 W. Lake Street, Chicago, IL 60612
Want to have me speak at your meeting or event? Learn more about me here.
I had the pleasure of speaking at the Special Event Conference last week. AND – I had the pleasure of sitting in on some great sessions also. (The learning never ends, people!)
Here are my…
Top 3 Lessons Learned at The Special Event Conference:
1. Make LinkedIn Recommendations
Nick Borrelli – NickBorelli.com
LinkedIn is EXTREMELY under-utilized by wedding professionals. HERE’S THE THING: hotel personnel and catering companies utilize LinkedIn A LOT. And connections with these companies can lead to referrals for you.
Nick shared this tip: find your favorite vendor partners profiles and writing out a 2-3 paragraph recommendation (not endorsement). You will NOT ONLY fluff up their ego and their reputation, but also you’ll PLANT your profile photo and link onto THEIR profile.
Make a list of your 10 favorite hotel personnel and go show them some LinkedIn LOVE.
2. Own a platform.
Kelly Treadway – EventCurious
Crushed by Facebook’s ever-changing algorithm? Uncertain of how Instagram will change the rules next year? Kelly recommends using 3 social media platforms in tangent. (Any 3 – pick your faves.)
BUT- more important: OWN your own platform. This is why blogging is still important. You need to be capturing eyeballs on your own terms- and NOT relying on the social media du jour.
3. Use story telling to transcend trends
Kristin Banta – Kristin Banta Events
Kristen shared the idea that trends are hard to escape. They overwhelm our industry and soon enough every engaged couples wants the latest trend. BUT- as artists in the industry, we have to push beyond the trend.
She shared the idea of creating a story. When Kristin walks into a space, she lets the venue talk to her. What emotions does it present? What influences from ART, architecture, technology, music, etc. can Kristin- or any designer- use to maximize the design beyond trend? Just because a client says they want geometric design doesn’t mean we have to present it in the same way it’s been done for the last 5 years.
How you tell the event and client’s story in a unique way?
Were you at The Special Event? What were your favorite learning points? Did you like learning about the Power of Profits from me? Share your thoughts in a comment below.
Today, let’s assess your pricing. I want you to examine: “Am I priced appropriately? Am I priced in a way that is fair? Am I price in a way that is sustainable to my business?” Below, find some questions that will be helpful in determining whether you have the correct price for your business. (I could probably add another 50, but this is a nice start. 😉 If you want to dig deeper with us – make sure to sign up for the Pricing Class. Info here.)
Questions to ask yourself:
- How are others priced in your market?
- Where do you fall?
- Are you priced low solely in order to compete?
- Are you matching prices with people at the bottom of your market that are under-priced themselves?
- When you analyze how much time you spend on the client, what is your hourly rate?
- Is this a decent wage?
- Are you solely capturing your cost of materials and not the actual labor?
- Are you charging for your art?
- For the artistic value of what you do?
- If you were to hire someone in your place, could you afford to pay them?
- Can you earn a decent living?
- Do you know how many weddings you have to do (at your pricing) to earn a decent living?
- Are you scared of raising your prices because you believe your sales will decrease?
- Are you inherently attracting people who don’t value your work, but are only looking for “a good deal”?
- Do you believe you are worth it?
Ultimately, it comes down to 3 things: price appropriately for your market and your product or service, price according to the value you give the customer, and price at a rate that will allow you to earn a decent living and have a sustainable business. Otherwise, you do a disservice to the industry, to your business, and to yourself.
How confident are you in your pricing? Talk to me in the comments below.