Finance is a part of the business so often ignored by entrepreneurs and business owners, and yet it’s an area that can make a huge difference in terms of success and revenue.

This week, Shaz shares a few financial strategies that will give a boost to any company, and a few home truths that will stop financial decay in its tracks.

 

KEY TAKEAWAYS

 

• Pricing is the single biggest issue with the biggest impact on your bottom line. Most people look at their competition and charge less than them. Cutting prices can suggest that you’re adding less value.

 

• The other mistake made is when companies look for the median price at which to sell their services or goods. Customers don’t study price lists of companies and go for the middle ground.

 

• Competitive revenge comes about when someone leaves a company and decides to become a competitor. They do this by taking a handful of clients, but in general, they don’t destroy the company they’re trying to attack. Price is not everything.

 

• If you think your clients want “cheap”, then you need to bear two things in mind:
• Don’t moan about them being cheap, because you’re the one who attracted cheap clients in the first place
• If your clients truly want cheap, then does that extend to everything else in their lives? Is their food and clothing the cheapest it can be?

 

• Be conscious of your behaviour around spending. Instead of worrying about things to spend on, why not think about how to bring more money in, or how to make your current clients happier. Focus on earning it, first and foremost.

 

• Have multiple income streams. Make sure you have a way to mitigate any unforeseen circumstances, and allow yourself some wiggle-room if a client decides to go elsewhere, or makes a problem which could affect your cash-flow.

 

BEST MOMENTS

 

’I don’t do finance. I don’t do accounts. Numbers go over my head’

 

‘You’re saying to the marketplace that you’re adding less value’

 

‘Price is a factor, but it’s not the factor’

 

‘First earn, then spend’

 

‘A sale is made when you have the money in your bank account’

 

ABOUT THE HOST

 

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

 

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

 

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to main stream media outlets.

 

You can find Shaz on:

• Facebook
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• YouTube.