Nov. 26, 2024

The Hidden Profit Formula: Finding Money Your Competition is Missing

This topic aligns with our theme that everything business owners learned about business is wrong, since most businesses focus only on obvious profit centers while missing significant hidden opportunities.

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This topic aligns with our theme that everything business owners learned about business is wrong, since most businesses focus only on obvious profit centers while missing significant hidden opportunities.

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com January Jones Sharing Senior Success is viewed on Talk 4 TV (www.talk4tv.com).

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to Powerful Business Strategies, where you will find out

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that everything you have ever learned about growing your business

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is wrong. Finally, a show where you'll learn the right

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way to grow your business by learning business and financial

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strategies that your competition isn't doing. And now here is

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your host. President of Next Step CFO Michael Barbarita and

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joining Michael for today's show as an executive moderator is

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chooky obio.

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Yes, this is chookey, and I believe that gratitude is

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undefeated and growth is about the next step. It is

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an honor for me to moderate today's discussion with my

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good friend Michael.

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Michael, how are you very good?

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I thank you, Chicky, very good. My name is Michael

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Baberider Next Step CFO. Next Step CFO is a fractional

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CFO and strategic implementation firm. Our vision is to ensure

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overwhelmed business owners achieve the time, freedom, and consistent profits

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to build a legacy and a life date desire. Our

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mission is dedicated to guiding small business owners to leveraging

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their time, exploding their profits, and building a meaningful legacy.

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And this show, Powerful Business Strategies in our book of

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the same name, is a step toward accomplishing that vision

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and mission. So with that, I like to hand it

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back to our to my co author and moderator for

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the show, Choky Obio.

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Michael, look, I'm quite inspired by today's episode. So the

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title is the Hidden Profit Formula Finding money your competition

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is missing, And Michael, as you know, I mean, we're

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growing our interests in really helping business owners do what

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the competition isn't doing with their strategy and their growth plans,

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particularly this time of the year. Right, it's just really interesting.

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So before we get into a Michael, just a quick disclaimer.

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So Michael and I are both affiliated with a number

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of different organizations, and I currently serve as a Managing

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Director of Business Development for Vetaprice, a global business focused

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law firm. In addition to that, it's truly an honor

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to collaborate with my friend Michael to moderate business roundtables

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and document best practices from those roundtable discussions with business owners.

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But please note that the opinions expressed, the views expressed,

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and today's show are based on our personal success experiences.

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But my mission as the Fearless moderator for today's show

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is just to ask the right questions and to help you,

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the listener, learn the best strategies that the competition isn't doing.

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So with that, I want to toss it back over

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to Michael.

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Thank you, Chivy. So, did you know that most businesses

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capture less than sixty percent of their potential profit? So

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think about that.

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Wow.

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Yeah, twenty percent of your possible profit is slipping right

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through your fingers every single day. And I'm not talking

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about cutting expenses or raising prices. I'm talking about money

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that's sitting right in your business that you can't see

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because you're looking at all the wrong places. So, over

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the next forty minutes or so, I'm going to share

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specific strategies that have helped business owners uncover these hidden profits,

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and I'll show you exactly how one business owner found

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the next year one hundred and fifty seven thousand annual

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profit without spending a dime on marketing or raising their prices.

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Think about that and think about what that kind of

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money could mean for your business and your family. And

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I'm going to give you examples of what I call

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the hidden profit formula. This is a systematic way to

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find money in your business that your competition is completely missing.

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And the best part is on You know, with a look,

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you can repeat the process over and over again. So

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grab that pen and paper, because I'm going to share

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strategies that will completely change how you think about profit

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in your business. And if you're driving, don't worry. You

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could catch the episode again on our podcast at Powerful

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business Strategies dot com. So if you're just joining us,

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we're talking about finding hidden profits in your business and

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I promise to show you exactly how to do that.

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So let me tell you about Jim. Jim runs a

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successful distribution company, and like most business owners, he was

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focused on the obvious ways to increase profit, sell more

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cut costs, maybe raise prices a bit, but it was

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missing something huge and I'm going to show you exactly

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what it was. So the first place we looked for

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hidden profit is what I call the invisible inventory. So

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and I know what you're thinking, Michael, I know exactly

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what's in my inventory, and I get that. But here's

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what we discovered. When we dug deeper with Jim's company.

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We did what we called a velocity analysis of his inventory.

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It's basically inventory turns, some people call it. And instead

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of looking at what he had and stock, we looked

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at how quickly different items moved through his warehouse. And

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here's what we found. So thirty five percent of his

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inventory hadn't moved in over a year, So that's cash

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that was sitting on the shelves, gathering dust and eating

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up storage space. But then another twenty five percent of

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his inventories were moving so quickly that he was constantly

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running out. So he's losing money on both ends. Too

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much of what wasn't selling, not enough of what was.

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So we implemented what we called the inventory sweet spot system.

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And here's how that worked. So you create four zones

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right on the floor four areas right on the where

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the inventories being stored. And you come up with the

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red zone, and it's in the red zone items that

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haven't moved in six months. And you put all those

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items that haven't moved in six months into the red

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zone into the yellow zone items with sporadic movement, so

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they were moving faster than the stuff there wasn't moving,

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but not that fast. The green zone was fast moving items,

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and the blue zone were critical items regardless of movement.

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And these of just the important, the real important stuff

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that was critical to the to the to the majority

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of the customer base. So for each zone, we created

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a specific action plan m HM. So red zone where

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the items that haven't moved in six months we liquidated

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or returned to the vendor or or there's another thing

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that's interesting, you can bundle them with the fast moving

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stuff just to get rid of it and and basically

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you know, increase the price modulely uh. The yellow zone

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where items with sporadic movement, you reduce the quantities and

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negotiate better vendor terms with the initially better terms with

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the vendors. In the green zone. This was for fast

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moving items. This is where we increased stock, and we

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set up an automated reordering system. And then the blue zone,

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which was the critical items regardless of movement. We maintained

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safety stock regardless of cost. So we knew we always

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had stuff in the blue zone and also in the

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fast moving items, so we made sure we always had

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excess inventory there, but we made sure that we had

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very low levels of inventory in the red and the

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yellow zone. And so the results were interesting because in

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ninety days, just ninety days, inventory carrying costs dropped by

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twelve thousand dollars a month, storage space decreased by forty percent,

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stock outs reduced by eighty five percent, and rush shipping

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costs were nearly eliminated because everything was available that really moved.

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When you understand what moves and what doesn't, you can

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really eliminate that those rush orders in terms of the

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additional shipping costs and the disruption. But here's what's really interesting.

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Overall profit increased by one hundred and fifty seven thousand

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annually just from better inventory management. And that's money that

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was literally sitting in his shelves. So let me show

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you another example that will really drive this home. So Sarah,

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she runs a successful service business, and she thought she

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knew her profit margins on every service that she offered.

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But when we did what we called a true cost analysis,

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we found out something that we just weren't aware of. It.

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We broke down every service into its smallest components, so

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that means direct labor time, materials and supplies, and any

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additional hidden supplies that we used on these jobs. By

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the way, equipment usage, administrative time, follow up time, and

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hidden costs like travel or setup that she wasn't concnsidering

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at all. So direct labor time, materials, it supplies she

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always was considering. She did miss some supplies that she

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thought were just, you know, part of the cost of

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doing business, but it really came down to where she

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found the pickup was equipment usage, administrative time, follow up time,

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and travelers set up. And what we discovered is our

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most popular service, the one she thought was the most profitable.

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It was actually losing money on thirty percent of her

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jobs because she wasn't accounting for what those invisible costs.

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She wasn't tracking time spent on quote revisions, wasn't tracking

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multiple site visits, so only accounting one site visit. She

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wasn't tracking additional administrative work to complete that job. She

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wasn't accounting for or tracking equipment set up in breakdown time,

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she wasn't tracking travel time between the jobs. So once

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we identified these hidden costs, we created a profit protection

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protocol for every service. And so now we tracked the

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based service time, the support time requirements which was totally missing,

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the travel radio zones, the setup and breakdown time was

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totally missing, additional administrative requirements and follow up needs. And

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then we repriced our services based on true costs. And

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here's what ended up happening. She actually lowered prices on

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some services and raised them on others, and the result

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was her overall profit increased by forty two percent in

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just ninety days just by understanding her costs. She was

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outstanding what yeah, just wasn't understanding what her product, what

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a service cost was And when we broke it down,

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and we had to go really deep because things like

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that set up and breakdown time, it's just something that

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some business owners never consider. Some addigital administrative requirements, that's

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another thing, you know, and then a lot of the

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follow up needs. You know that those costs that are

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getting curred after the sale is delivered. That's another thing

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that wasn't considered. And once we knew the true cost

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of every component of our service, we can start optimizing

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each one. And we found that small job fall changes

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and how jobs were scheduled would compound on each other

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and and and could say forty five minutes of travel

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time a day if the scheduling was done properly, And

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that's almost four hours a week of pure profit opportunity

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that was being wasted. So this is just the first

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place where we look for hidden profit. You know, most

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business owners that just focused on sales, margins, expenses, hutting expenses,

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maybe increasing prices, but they missed these invisible profit trains.

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It's like having a leak in your profit bucket, but

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it just can't see where the water is coming out.

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So let me show you something even going a little

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deeper here with the hidden profits. So remember when I

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mentioned those invisible costs that Sura discovered in our services. Well,

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there's another layer to this that most business owners never see,

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and that's what I call a profit chain reaction. And

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here's a great example. When we worked with a manufacturing client,

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we discovered that they were losing money on rush orders. Now,

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most business owners would say, well, let's just charge more

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for rush orders, but that's just surface level thinking. When

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we dug deeper, here's what we found that rush orders

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disrupted regular production. So there wasn't just an additional cost

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of you know, rushing. There was this disruptive to regular production.

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This caused delays and standard orders. The delayed orders led

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to overtime costs over time, led to quality issues due

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to the fatigue of employees, and then the quality issues

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led to a warranty claim or it led to more

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warranty claims. So it was like a domino effect that

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was actually costing this manufacturing company two hundred grade a year.

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Oh wow, yeah, it was just it was just all

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these hidden costs that were that were developing just from

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rush orders. Mike think, it's not a big deal, you know,

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you get it out quicker, but it just caused all

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kinds of eruption to the regular standard orders, and the

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cost was a lot bigger than what they were charging

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for the rush orders. And so we divided their production

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capacity into three zones, so a green zone for standard capacity,

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a yellow zone for flex capacity, and by the way,

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the green zone for standard capacity. It was eighty percent

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eighty percent of their orders with like standard orders, fifteen

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percent was some flexible flexible timing was when the customer

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needed it. That was in the yellow zone. In the

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red zone that was where the emergency stuff was, and

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that was really just five percent of the business, but

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it caused all this disruption, and so then we priced

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each zone differently. The standard pricing was in the green

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zone that was eighty percent of the orders. Fifteen percent

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of the orders was flex in terms of timing when

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they needed it. That was a fifty percent premium, and

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then there was one hundred percent premium on the red zone.

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So that properly pricing it so because of the cost

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that it was really causing. And then so they hired

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a swing shift crew that only worked when yellow or

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red zone orders came in. And the results was that

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regular production never got disrupted. Quality issues dropped by eighty

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five percent. In terms of quality problems from the field

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that dropped eighty five percent. Over time, costs practically disappeared.

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Russia owner profits increased by three hundred percent because we

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were finally pricing it right, and then customer satisfaction hit

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up all time high there was less quality issues. Wow,

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So this is what I mean by finding hidden profits.

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It's not just about raising prices are kind of costs.

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It's about understanding the entire profit ecosystem in your business.

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Every problem, every bottleneck, every customer complaint is actually pointing

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you for hidden profit opportunities. And so when we took

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back from our ninety second break, we'll talk more about

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finding hidden profits in your business. Great. Hey there, business owners,

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let me ask you something. Are you tied of blending

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in with your competitors? Frustrated with slow growth and slim margins? Well,

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00:17:23.720 --> 00:17:26.960
I've got news for you. Everything you've ever learned about

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00:17:27.000 --> 00:17:31.400
growing your business is wrong. But don't worry. I'm here

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00:17:31.440 --> 00:17:34.079
to let you in on a secret weapon. Your position

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of market dominance. It's what sets you apart, makes you irreplaceable,

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and has customers lining up at your door. My name

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00:17:42.279 --> 00:17:45.839
is Michael Barbarrita from Next Step CFO. I know what

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00:17:45.880 --> 00:17:49.200
you're thinking. Sounds great, Michael, But how do I find

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my position of market dominance? Well that's exactly why we've

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created our game changing impleitation program called Next Step to

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Market Dominance. In just ninety days, we'll guide you step

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by step to a position of market dominance by uncovering

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your unique strengths that competitors can't touch. By crafting a

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message that resonates deeply with your ideal customer, by building

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a strategy that turns you into the go to expert

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in your field. Now this is in theory. These are

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00:18:16.799 --> 00:18:20.519
battle tested strategies that have helped businesses like you as double, triple,

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00:18:20.599 --> 00:18:24.880
and quadruple their revenue. Don't let another quarter go by

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00:18:24.960 --> 00:18:29.200
struggling to standout. It's time to dominate your market period.

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00:18:29.880 --> 00:18:34.160
Go to NEXTSTEPCFO dot net forward slash contact. Fill out

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00:18:34.160 --> 00:18:37.200
the form and in the message section put the word

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00:18:37.480 --> 00:18:41.200
dominate or call us at seven eight one three two

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00:18:41.279 --> 00:18:45.240
six three A two two. That's next STEPCFO dot net

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forward slash contact or call us at seven eight one

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00:18:48.880 --> 00:18:53.480
three two six three A two two. So welcome back.

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And if you if you're just joining us, we're talking

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about hidden finding hidden profits in your business, and I'm

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going to show you something that will completely change how

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you think about pricing and profitability. So let me introduce

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to you what I call the profit multiplier matrix.

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Perfect and Michael, before we jump into that, I think

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let's take some questions, because we've gotten some really good

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activity here from business owners who are listening.

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So here's kind of a high level question, hidden profits.

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Why call it hidden?

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Well, the main reason why we call it hidden is

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because as business owners, we always think of just about

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sales expenses, raising prices, kind of costs, you know, our

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gross profit minditt all important stuff. By the way, I

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don't want to minimize it, that's very important. But but

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if you, if you listen to or if you if

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you look at your process and you listen to customer complaints,

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you can find actually hidden profit opportunities not just assuage

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the customer or satisfy the customer by solving whatever issue

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that they might have, but also going deeper and seeing

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what could be profitable instead of thinking all about all

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this stuff is a negative or a cost, look and

305
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see where the profit can be helped and and and

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charge for. Like in the case of one of those

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examples that I gave you, the rush the rush orders

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were killing them. It was disrupting the whole place. So

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when a customer has a rush order, you really have

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to try to understand what is taking place from a

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from a cost standpoint, and see where you can optimize

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your pricing really to coordinate that. It just it's just

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a scenario, especially like inventory. That's another thing. You know

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your inventory is, you know where it is, but you

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just don't know how fast it's moving. And you've got

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to You've got to identify how fastest movie because if

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it's slow moving stuff, you got to get rid of

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it at any cost, at any cost.

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It's funny, Michael, we're getting some really good comments here.

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A couple of amen's to that, right, you know, a

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couple of uh comes up another kind of really quick question.

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So this idea. Oftentimes when you have these conversations around

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hidden profits or where to find profit in a business,

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the concept of value perception comes in. It's like, how

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can I position something to the marketplace where customers would

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have the right value perception of that?

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And we may get into this later, but I would

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love just your.

329
00:21:37.880 --> 00:21:39.960
Actually we want to get into this lationship, so we

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just get it to know. Well, that's where that position

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of market dominance comes in, because you need to have

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you need to identify the problem the customer has if

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they don't want well coming up with a unique solution

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00:21:50.920 --> 00:21:54.240
that they want, they can't fund nice and once you

335
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have that in place, then then the music will stop. Yeah,

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and then you know you'll start to that's where that's

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where the value comes in. That's where you increase that

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value of what you offer. I like buying that problem

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because without identifying the problem, you're doing all this meat

340
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too stuff and you're not really uh, focusing on value.

341
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But that's the area when you look at it, because

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it's a messaging that really drives the revue, you know,

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drives the the sales and uh that position of market.

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Oct you might like this where you talked about that's

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where the music starts. A lot of folks are saying

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is that rock music is that classical music.

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It's when the music stops that you have to worry exactly.

348
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And it's any kind of music that you like exactly

349
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that you think of relative to uh a productive business.

350
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I love that.

351
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Yeah. Good. So let me tell you Mike who runs

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a successful agevac company. And like most contractors, you know,

353
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he had a standard pricing system parks labor markup done,

354
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and he thought he was maximizing his profit. But here's

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what he discovered when he dug deeper. He did what

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he what he called a value perception analysis, So instead

357
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of just looking at what things cost, he looked at

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what customers actually valued. I guess this is something something

359
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toward the question you were asking as well. Yes, And

360
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here's what he found. He found sixty five percent of

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customers would pay more for same day service. He found

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that seventy eight percent would pay premium prices for weekend availability.

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This is a neat HVAC company. Eighty two percent would

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pay extra for a guaranteed appointment times, and ninety percent

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would pay more than twenty four to seven emergency service.

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And Mike wasn't charging differently for any of those things.

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He was literally giving away a premium services at standard prices.

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So he created service tier values. So the tier one

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was standard service, regular hours, regular response times, the more

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common stuff. Tier two was priority service so same day,

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guaranteed times. Tier three was premium service which is weekends

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and after hours, and Tier four was emergency twenty four

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to seven immediate response and each had clear pricing and

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clear benefits. So talk about value. The customer actually saw

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value in same day service, in weekend service, in twenty

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four to seven service, and they were willing to pay

377
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for it. And those were and he was charging standard

378
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for priority service, which is same day judging standard for

379
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weekends and after hours. He was charging standard for a urgencies.

380
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So seventy percent of customers chose a higher tier than

381
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basic service. Seventy percent. That seventy percent was paying the

382
00:25:11.279 --> 00:25:15.759
standard rate, and his average ticket increased by forty five percent,

383
00:25:15.839 --> 00:25:21.160
and customer satisfaction went up because everything was more organized,

384
00:25:22.079 --> 00:25:25.559
and not only did the customer appreciate that, but the

385
00:25:25.599 --> 00:25:29.160
employees work better when they knew exactly what was going

386
00:25:29.200 --> 00:25:35.079
on and how the systems work for same day, for weekends,

387
00:25:35.119 --> 00:25:41.559
for and has caused to deliver that by the way,

388
00:25:41.640 --> 00:25:45.880
his so his his average ticket increased by forty five percent,

389
00:25:46.440 --> 00:25:51.599
Oh deliver it only increased by fifteen and the rest

390
00:25:51.720 --> 00:25:54.640
was pure profit because he was already providing any of

391
00:25:54.640 --> 00:25:59.640
these services, he just wasn't charging for them. So here's

392
00:25:59.680 --> 00:26:04.519
another example. So Linda, who runs a successful cleaning company

393
00:26:04.680 --> 00:26:08.359
cleaning service. She was charging the same rate for every

394
00:26:08.400 --> 00:26:13.559
house just based on square footage. But when we analyzed

395
00:26:13.599 --> 00:26:18.440
her costs, we found huge variations based on the house

396
00:26:18.559 --> 00:26:25.400
layout and complexity, the furniture density, the pet presence, the

397
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special surface materials, client requirements and travel distance. So she

398
00:26:32.240 --> 00:26:36.200
created a matrix that instead of one flat rate, she

399
00:26:36.240 --> 00:26:40.599
had multiple factors that would affect price based on square footage,

400
00:26:41.240 --> 00:26:44.880
based on the layout, based on the furnishings, and the

401
00:26:44.920 --> 00:26:51.640
density factor, a pet presence factor, special materials, and travel

402
00:26:51.720 --> 00:26:56.880
zone traveling. And was Linda worried about implementing this well,

403
00:26:57.400 --> 00:27:01.839
she was pretty worried. She thought clients would revolt against

404
00:27:01.839 --> 00:27:04.880
the more complex pricing. But what actually happened is their

405
00:27:04.960 --> 00:27:09.119
clients appreciated the transparency. They could see exactly what they

406
00:27:09.160 --> 00:27:12.960
were paying for because they you know, they're just getting

407
00:27:12.960 --> 00:27:15.319
a standard rate before, but now that they know what

408
00:27:15.319 --> 00:27:17.880
they're paying for, you know, if they had a pet,

409
00:27:18.119 --> 00:27:20.839
if there was a situation where a pet that you know,

410
00:27:20.880 --> 00:27:25.160
that ends up being more work. But she also created

411
00:27:25.200 --> 00:27:29.519
a profit profit accelerators, which is optional add on service

412
00:27:29.559 --> 00:27:33.160
that had extremely high margin. And where she added these

413
00:27:33.240 --> 00:27:41.599
profit accelerators was deep carpet cleaning, treatment, window cleaning, cabinet detailing, appliance,

414
00:27:41.799 --> 00:27:46.680
deep cleaning, and garage organization. So these were all additional

415
00:27:46.759 --> 00:27:50.119
services that she was able to add on. And when

416
00:27:50.160 --> 00:27:52.839
you think about it, a cleaning service that provides window

417
00:27:52.920 --> 00:27:58.920
cleaning and then cabinet detailing and carpet treatment. It's pretty valuable.

418
00:28:00.200 --> 00:28:04.400
And so talk about adding more value. There's there's a

419
00:28:04.440 --> 00:28:09.440
great example, chookey of adding more value. Right yet, you

420
00:28:09.480 --> 00:28:12.480
know window cleaning. I mean, I mean, I have pumps

421
00:28:12.559 --> 00:28:19.359
cleaning here at my house and they won't touch the

422
00:28:19.400 --> 00:28:26.000
windows and they certainly don't go into any appliance deep

423
00:28:26.039 --> 00:28:30.039
cleaning or carpet treatment or anything like that. So this

424
00:28:30.119 --> 00:28:34.400
is really adding more value, absolutely, and I could see

425
00:28:34.400 --> 00:28:36.599
her getting more business because of that, just just by

426
00:28:36.640 --> 00:28:41.599
virtue of that. And these are additional services that she

427
00:28:41.680 --> 00:28:44.319
threw in had profit monduins of seventy to eighty five

428
00:28:44.359 --> 00:28:48.119
percent because they require minimal additional time while the crew

429
00:28:48.240 --> 00:28:53.599
was already on site. And so let me give you

430
00:28:53.640 --> 00:28:57.400
another example the proofs that this works in any industry.

431
00:28:57.480 --> 00:29:02.000
So there was a landscaper was charging the same hourly

432
00:29:02.119 --> 00:29:07.279
rate for everything, mowing, planting, design work, everything. When he

433
00:29:07.359 --> 00:29:12.039
analyzed his true costs and value creation, he found he

434
00:29:12.160 --> 00:29:16.240
was severely under charging for his highest value services and

435
00:29:16.400 --> 00:29:21.880
overcharging for basic ones. And so he implemented a value

436
00:29:21.920 --> 00:29:27.759
based pricing matrix. And so instead of one hourly rate,

437
00:29:27.839 --> 00:29:30.920
he created different rates based on the skill level that

438
00:29:31.079 --> 00:29:34.279
was required, based on the equipment that was needed, based

439
00:29:34.319 --> 00:29:42.599
on the season, based on the project complexity, the value

440
00:29:42.640 --> 00:29:46.720
being delivered, and time sensitivity. And the result was his

441
00:29:46.839 --> 00:29:51.160
revenue increased by forty percent and he doubled his profit

442
00:29:51.240 --> 00:29:56.079
because he was finally charging based on value, not on

443
00:29:56.200 --> 00:30:00.960
time spent. I think that's that's another area where business

444
00:30:01.000 --> 00:30:05.599
owners need to review their pricing is based on value.

445
00:30:05.839 --> 00:30:08.799
That that that you're bringing, you know, going back to

446
00:30:08.839 --> 00:30:14.720
that person that's cleaning service, you know, doing windows, that

447
00:30:14.839 --> 00:30:19.839
was that was exceptional value. You know, so it demands

448
00:30:19.839 --> 00:30:23.279
a higher price, and customers will pay higher price for

449
00:30:23.680 --> 00:30:30.519
in exchange for value. And so so let me show

450
00:30:30.519 --> 00:30:33.960
you something a little deeper. So you take the landscaper

451
00:30:35.319 --> 00:30:39.160
who implemented value pricing. Well, there's another layer to this

452
00:30:39.279 --> 00:30:44.160
story that that really drives his home on how much

453
00:30:44.200 --> 00:30:47.079
money most businesses are leaving on the table. So he

454
00:30:47.200 --> 00:30:51.200
discovered what he called an expertise arbitrage. And here's exactly

455
00:30:51.240 --> 00:30:55.599
what happened. Yeah, like most landscapers, he was charging the

456
00:30:55.640 --> 00:30:59.720
same rate as I mentioned, whether his most experienced foreman

457
00:30:59.839 --> 00:31:03.440
or his newest employee was actually doing the work. But

458
00:31:03.519 --> 00:31:06.440
here's what's fascinating. His customers actually noticed a difference in

459
00:31:06.519 --> 00:31:11.480
quality and experience, so he created experienced value tiers. So

460
00:31:11.519 --> 00:31:16.160
his master craftsman was this, you know, this level that

461
00:31:16.240 --> 00:31:19.240
he had at a level called master Craftsman, and that

462
00:31:19.359 --> 00:31:23.279
was for twenty years plus experience. He had a Senior

463
00:31:23.359 --> 00:31:26.519
Expert level for ten years plus, and he had a

464
00:31:26.559 --> 00:31:30.319
Professional level five years of more, and then a standard

465
00:31:30.400 --> 00:31:34.920
level which was an entry level team. So instead of

466
00:31:35.000 --> 00:31:39.160
hiding this difference, he highlighted it, and he created detailed

467
00:31:39.200 --> 00:31:44.880
profiles for each team leader, including years of experience, special certifications,

468
00:31:45.400 --> 00:31:51.519
project photos, customer testimonials, and areas of expertise and customer's

469
00:31:51.599 --> 00:31:57.279
done specifically requesting the more experienced teams even though they

470
00:31:57.319 --> 00:31:58.480
cost more.

471
00:31:59.079 --> 00:32:00.240
Yeah, remark.

472
00:32:02.000 --> 00:32:05.119
Yeah. And then he used premium pricing from the top

473
00:32:05.160 --> 00:32:08.799
tiers to hire and train more skilled workers, creating a

474
00:32:08.839 --> 00:32:13.920
self funding improvement cycle. And then there was this auto

475
00:32:14.000 --> 00:32:17.200
or pair shop who was leaving massive, massive amounts of

476
00:32:17.279 --> 00:32:21.720
money on the table with their diagnostic process. You see,

477
00:32:21.759 --> 00:32:26.640
like most shops, they tried to flat diagnostic fee. But

478
00:32:26.759 --> 00:32:30.519
when he analyzed their actual cost and value creation, he

479
00:32:30.640 --> 00:32:35.880
found huge variations. So he created this value matrix where

480
00:32:35.920 --> 00:32:39.480
a basic scan was seventy nine dollars. Then that was

481
00:32:39.680 --> 00:32:42.799
like a level one, and that was just a basic

482
00:32:42.880 --> 00:32:46.599
diagnostic scan. Then he had a level two, which was

483
00:32:46.640 --> 00:32:50.640
a comprehensive diagnosis safety. He didn't realize that he had

484
00:32:50.680 --> 00:32:54.920
these additional levels of service. He was charging seventy nine

485
00:32:54.960 --> 00:32:59.200
dollars for everything, even a comprehensive service, which was a

486
00:32:59.400 --> 00:33:05.240
complete visual inspection, test, drive evaluation, photo documentation, so all

487
00:33:05.279 --> 00:33:08.799
this stuff now he's charging one forty nine. He was

488
00:33:08.880 --> 00:33:13.559
charging seventy nine. And then he had this level called

489
00:33:13.640 --> 00:33:17.920
Master Tech Analysis, which included everything in his comprehensive diagnosis,

490
00:33:18.440 --> 00:33:23.400
plus a senior Master Tech inspection and component testing, so

491
00:33:24.079 --> 00:33:26.839
and then video documentations that it just photos, and it

492
00:33:26.960 --> 00:33:30.599
just he just went really deeper, and most of the

493
00:33:30.640 --> 00:33:34.480
customers chose level two of three, where he was getting

494
00:33:34.519 --> 00:33:38.079
seventy nine dollars all the time for diagnostic no matter

495
00:33:38.119 --> 00:33:43.039
what level of service here, most of the customers picked

496
00:33:43.200 --> 00:33:45.759
the level two of three where he's getting one hundred

497
00:33:45.799 --> 00:33:50.240
and forty nine dollars and two hundred and forty nine dollars.

498
00:33:50.279 --> 00:33:53.640
And you know, he wasn't when he marketed it. He

499
00:33:53.720 --> 00:33:57.559
wasn't just selling a diagnostic service, he was selling certainty

500
00:33:57.599 --> 00:34:01.359
and peace of mind. You know, the profit montions on

501
00:34:01.400 --> 00:34:05.559
the higher levels were eighty percent because the additional required

502
00:34:05.640 --> 00:34:10.199
time was minimal. And you know, it's not more about

503
00:34:10.280 --> 00:34:14.360
charging more, it's about creating and communicating these values in

504
00:34:14.480 --> 00:34:20.000
ways your competition hasn't even thought. Every service, every product,

505
00:34:20.039 --> 00:34:24.360
every interaction with your customer has a hidden profit potential

506
00:34:24.800 --> 00:34:27.039
if you know where to look, and if you think

507
00:34:27.119 --> 00:34:32.599
deeper and deeper and deeper that on that service. So

508
00:34:32.679 --> 00:34:34.800
when we come back from the ninety second break, we'll

509
00:34:34.800 --> 00:34:40.800
talk more about finding hidden profits in your business. Nice Hey,

510
00:34:40.800 --> 00:34:43.280
their business owners. Let me ask you something. Are you

511
00:34:43.440 --> 00:34:47.159
tied of blending in with your competitors? Frustrated with slow

512
00:34:47.239 --> 00:34:50.320
growth and slim margins? Well, I've gotten news for you.

513
00:34:51.039 --> 00:34:54.519
Everything you've ever learned about growing your business is wrong.

514
00:34:55.400 --> 00:34:57.639
Don't worry. I'm here to let you in on a

515
00:34:57.679 --> 00:35:01.960
secret weapon. Your position of market dominance. It's what sets

516
00:35:01.960 --> 00:35:05.800
you apart, makes you irreplaceable, and has customers lining up

517
00:35:05.800 --> 00:35:08.920
at your door. My name is Michael barber Rita from

518
00:35:08.960 --> 00:35:13.440
Next Step CFO. I know what you're thinking. Sounds great, Michael,

519
00:35:13.679 --> 00:35:17.320
But how do I find my position of market dominance? Well,

520
00:35:17.320 --> 00:35:21.000
that's exactly why we've created our game changing implementation program

521
00:35:21.119 --> 00:35:24.880
called Next Step to Market Dominance. In just ninety days,

522
00:35:24.880 --> 00:35:26.960
we'll guide you step by step to a position of

523
00:35:26.960 --> 00:35:31.320
market dominance by uncovering your unique strengths that competitors can't touch,

524
00:35:31.639 --> 00:35:35.119
by crafting a message that resonates deeply with your ideal customer,

525
00:35:35.440 --> 00:35:38.079
by building a strategy that turns you into the go

526
00:35:38.159 --> 00:35:41.119
to expert in your field. Now this is in theory.

527
00:35:41.760 --> 00:35:44.599
These are battle tests and strategies that have helped businesses

528
00:35:44.679 --> 00:35:49.039
like you as double, triple, and quadruple their revenue. Don't

529
00:35:49.119 --> 00:35:52.280
let another quarter go by struggling to standout. It's time

530
00:35:52.320 --> 00:35:57.440
to dominate your market. Period. Go to NEXTSTEPCFO dot net

531
00:35:57.480 --> 00:36:00.760
forward slash contact. Fill out the form and in the

532
00:36:00.840 --> 00:36:04.960
message section put the word dominate or call us at

533
00:36:05.000 --> 00:36:08.280
seven eight one three two six three A two two.

534
00:36:08.719 --> 00:36:12.400
That's next step CFO dot net forward slash Contact or

535
00:36:12.519 --> 00:36:15.880
call us at seven eight one three two six three

536
00:36:15.920 --> 00:36:20.079
A two two. So welcome back to powerful business strategies.

537
00:36:20.119 --> 00:36:23.320
And if you're just joining us, we're talking about finding

538
00:36:23.400 --> 00:36:26.679
hidden profits in your business. And now I want to

539
00:36:26.679 --> 00:36:30.639
show you something that most business owners usually miss h

540
00:36:30.760 --> 00:36:34.519
and it's called problem profit centers. So most business owners

541
00:36:34.519 --> 00:36:37.800
see problems as pure cost centers. Since I was talking

542
00:36:37.800 --> 00:36:41.800
about earlier two key, but what basically you could take

543
00:36:41.840 --> 00:36:47.800
your biggest business headaches and actually let them become profit generators.

544
00:36:47.840 --> 00:36:50.639
So let me tell you about this guy Tom who

545
00:36:50.760 --> 00:36:55.119
runs a successful autover pay shop, and like every shop owner,

546
00:36:55.559 --> 00:37:00.159
he had a constant problem customers needing loader cars. All

547
00:37:00.199 --> 00:37:03.119
their vehicles were being repaired. It was a huge hassle

548
00:37:03.199 --> 00:37:05.960
and expense, and he was spending three grand a month

549
00:37:06.039 --> 00:37:09.000
renting cars for customers, seeing it seeing it as a

550
00:37:09.159 --> 00:37:13.480
necessary evil. But he implemented what he called the problem

551
00:37:13.880 --> 00:37:17.559
to profit conversion system where he and here's what he did.

552
00:37:17.599 --> 00:37:23.119
He analyzed how many loader cars he needed monthly, calculated

553
00:37:23.159 --> 00:37:28.679
his total rental cost, researched used cop prices along with

554
00:37:28.719 --> 00:37:33.840
the associated depreciation, looked at insurance and maintenance cost, and

555
00:37:33.880 --> 00:37:37.440
he did something radical. So instead of renting cars, he

556
00:37:37.679 --> 00:37:42.280
bought five used cars and he wrapped them with his

557
00:37:42.360 --> 00:37:46.400
business branding so that it would be a promotional tool

558
00:37:46.559 --> 00:37:50.320
for people were driving around. And he added a QR

559
00:37:50.440 --> 00:37:55.280
code linking to special offers in that branding right in

560
00:37:55.320 --> 00:38:02.400
the car and he installed tracking device for security, and

561
00:38:02.440 --> 00:38:08.000
he also created a formal loaner car program, and so

562
00:38:08.639 --> 00:38:12.800
he turned these cars into mobile billboards and lead generations.

563
00:38:12.960 --> 00:38:17.800
So each card had each car had a professional wrap advertising,

564
00:38:17.880 --> 00:38:24.559
special offer displays, the QR codes that I mentioned, service

565
00:38:24.639 --> 00:38:27.639
reminder systems. I mean, the results are incredible because after

566
00:38:27.679 --> 00:38:30.840
six months he saved eighteen thousand dollars in rental fees,

567
00:38:31.239 --> 00:38:34.000
He generated one hundred and twenty seven new customer leads,

568
00:38:34.519 --> 00:38:37.679
created a new premium service level, and added a revenue

569
00:38:37.679 --> 00:38:44.519
stream from insurance companies. And so it's so he really

570
00:38:45.079 --> 00:38:49.079
he took that problem of leasing cars out and turned

571
00:38:49.079 --> 00:38:53.000
it into a major profit center by buying the cars.

572
00:38:53.039 --> 00:38:55.679
And when you added up all the costs, it was

573
00:38:55.760 --> 00:39:00.199
worth it because on a monthly basis, whatever loans he

574
00:39:00.239 --> 00:39:05.280
had on those on those cars was being covered by

575
00:39:05.320 --> 00:39:08.400
the just by not only the rental fees that he

576
00:39:08.480 --> 00:39:11.519
was charging forget that, just by the new leads he

577
00:39:11.639 --> 00:39:16.039
was generating from all the advertising he had on the cars.

578
00:39:18.159 --> 00:39:21.280
And his customer satisfaction scores went up because now he

579
00:39:21.400 --> 00:39:24.719
controlled the entire experience from her pair to loader car

580
00:39:24.840 --> 00:39:27.639
to follow up. You know, he didn't have to rely

581
00:39:27.880 --> 00:39:33.000
on a leasing company. And so another example is Joan

582
00:39:33.039 --> 00:39:37.239
who runs this is another residential cleaning service. Her biggest

583
00:39:37.280 --> 00:39:40.800
problem was last minute cancelations. She was losing thousands every

584
00:39:40.800 --> 00:39:44.199
month from holes in her schedule. So she created this

585
00:39:44.320 --> 00:39:49.719
revenue recovery system. And so instead of just accepting cancelations

586
00:39:49.719 --> 00:39:52.920
as the cost of doing business, she created a VIP

587
00:39:53.119 --> 00:40:00.719
waiting list, implemented a cancelation policy, developed a rapid response team,

588
00:40:01.639 --> 00:40:05.880
built a flexible pricing system. And here's how that worked.

589
00:40:05.920 --> 00:40:09.320
So customers who canceled with less than twenty four hour

590
00:40:09.400 --> 00:40:13.360
notice paid fifty percent. That revenue funds a discount for

591
00:40:13.400 --> 00:40:17.800
customers who can fill that slot. And then so you

592
00:40:17.840 --> 00:40:20.199
get a lower price if you could fill a slot

593
00:40:19.960 --> 00:40:26.480
that was vacated by somebody. And then VIP customers got

594
00:40:26.480 --> 00:40:32.159
priority access to canceled slots and last minute fills get

595
00:40:32.199 --> 00:40:36.400
premium pricing. So the results were really unbelievable. Her revenue

596
00:40:36.440 --> 00:40:39.800
from canceled appointments went from zero to over one thousand

597
00:40:39.800 --> 00:40:43.280
dollars per month just on canceled appointments. So I was

598
00:40:43.400 --> 00:40:47.679
hoping people canceled, but it's what's really powerful. The cancelations

599
00:40:47.719 --> 00:40:50.039
dropped by sixty percent because people knew there was a

600
00:40:50.079 --> 00:40:54.440
real cost, so they didn't mess around. They actually, you know,

601
00:40:54.480 --> 00:41:00.400
they actually came to the appointments more often. Here's one

602
00:41:00.480 --> 00:41:04.440
for a contractor. There was a contractor who was spending

603
00:41:04.480 --> 00:41:08.119
two thousand dollars a month on dumpster fees for construction waste.

604
00:41:09.039 --> 00:41:12.880
They had a pretty typical cost that we that contractors say,

605
00:41:12.960 --> 00:41:16.719
you know, hu hum, you know this construction waste. But

606
00:41:16.840 --> 00:41:20.199
he analyzed his waste stream and he found that forty

607
00:41:20.239 --> 00:41:28.480
percent was reusable lumber, reusable lumber, twenty recyclable metal, fifteen

608
00:41:28.519 --> 00:41:32.800
percent was clean filter, and twenty percent was actual waste.

609
00:41:33.960 --> 00:41:38.119
So he created sorting stations at each job site and

610
00:41:38.159 --> 00:41:40.960
he ended up the results were that the lumber was

611
00:41:41.000 --> 00:41:43.920
resold or reused, even if it sold scrapped, it was

612
00:41:43.960 --> 00:41:46.360
still re used, and the metal was sold to scrappers.

613
00:41:47.920 --> 00:41:52.519
The dirt the filled dirret was sold to landscapers, and

614
00:41:52.679 --> 00:41:57.199
actual reduce actual waste reduced by eighty percent because only

615
00:41:57.280 --> 00:42:01.679
twenty percent was actual waste. And so we turned the

616
00:42:01.719 --> 00:42:04.440
two thousand dollars monthly cost into a fifteen hundred dollars

617
00:42:04.480 --> 00:42:07.800
monthly profit that took thirty five hundred dollars monthly swing

618
00:42:09.039 --> 00:42:12.440
on his bottom line. And this is the power of

619
00:42:12.559 --> 00:42:16.519
hidden profits. It's not just about finding new revenue or

620
00:42:16.559 --> 00:42:21.480
cutting costs. It's about looking at every aspect of your

621
00:42:21.559 --> 00:42:26.679
business and asking how can this make money? Yeah, even

622
00:42:26.760 --> 00:42:30.760
customer complaints can become profit centers. One of my clients

623
00:42:30.800 --> 00:42:34.440
in the restaurant business was getting complaints about weight times.

624
00:42:34.880 --> 00:42:38.400
So instead of just seeing this as a problem, he

625
00:42:38.519 --> 00:42:42.239
created a text to face weight LISS system that notified

626
00:42:42.239 --> 00:42:45.039
customers where the table was ready to offer drink specials

627
00:42:45.079 --> 00:42:49.400
while they waited, promoted adveretisers to hungry customers, and gathered

628
00:42:50.119 --> 00:42:53.199
phone numbers for marketing. And their bar revenue increased by

629
00:42:53.239 --> 00:42:56.000
forty percent and the customer complaints dropped it. I think

630
00:42:56.000 --> 00:42:58.960
it was one of two percent. So they turned their

631
00:42:59.000 --> 00:43:06.840
biggest problem into a significant profit center. I think it's

632
00:43:06.880 --> 00:43:08.880
time for compliments. Brilliant.

633
00:43:08.920 --> 00:43:12.679
Yeah, let's get to that compliments.

634
00:43:12.719 --> 00:43:14.920
So and Michael, by the way, they might be wanted

635
00:43:14.920 --> 00:43:17.239
to linger in questions from business owners, just in what

636
00:43:17.280 --> 00:43:20.440
you share there we should touch on. So I absolutely

637
00:43:20.440 --> 00:43:22.679
want to make sure we get to those. But let's

638
00:43:22.679 --> 00:43:25.400
go through business compliments again. This is a segment that

639
00:43:26.079 --> 00:43:29.679
a number of business owners find very inspiring because what

640
00:43:29.719 --> 00:43:33.639
we're doing is we are spotlighting business owners coast to

641
00:43:33.679 --> 00:43:38.239
coast across multiple industries. So the first business owner that

642
00:43:38.280 --> 00:43:41.840
we would like to spotlight for today's Business Complements segment

643
00:43:42.000 --> 00:43:49.159
is Kate Green with our Head Solutions. Here's their statement

644
00:43:49.320 --> 00:43:53.360
and folks, I think you'll really resonate with this. Our's

645
00:43:53.400 --> 00:43:58.320
Head believes every purpose driven brand deserves to stand out

646
00:43:58.880 --> 00:44:04.239
and make a last impact. As a design forward communications agency,

647
00:44:04.639 --> 00:44:11.639
they specialize in amplifying missions that matter, whether in bioscience,

648
00:44:12.320 --> 00:44:19.599
conservation or beyond, from crafting unforgettable brands and telling compelling

649
00:44:19.840 --> 00:44:27.440
stories to drive pr and build cohesive digital campaigns. They

650
00:44:27.519 --> 00:44:33.079
bring everything together with impactful design at the core. If

651
00:44:33.119 --> 00:44:37.239
you're ready to make your mission impossible to ignore, learn

652
00:44:37.360 --> 00:44:44.400
more at owls headsolutions dot com. Again, that's owls Headsolutions

653
00:44:44.440 --> 00:44:46.480
dot com.

654
00:44:46.679 --> 00:44:49.760
Second business owner that we would like to spotlight.

655
00:44:49.800 --> 00:44:58.199
Find me Manzanera, who is the CEO of Amicus Infinitum, which, again,

656
00:44:58.920 --> 00:45:02.320
folks research which the origin of that name is just

657
00:45:02.639 --> 00:45:05.800
very very impactful. In fact, you can start that research

658
00:45:05.840 --> 00:45:08.320
on his website amicusinfinitem dot com.

659
00:45:08.360 --> 00:45:10.920
Now Heimi's company. Here's what they do.

660
00:45:10.960 --> 00:45:16.320
They find the sellers for your business if you're interested

661
00:45:16.360 --> 00:45:19.119
in selling your business. And they do this by consulting

662
00:45:19.239 --> 00:45:24.920
with ease stakeholders, which are their investors, as to what

663
00:45:25.119 --> 00:45:29.559
businesses they would like to buy and making the case

664
00:45:30.039 --> 00:45:31.760
for why they should buy those businesses.

665
00:45:31.800 --> 00:45:32.880
And here's their commitment.

666
00:45:33.559 --> 00:45:37.719
Their team is ready to earn your business and buy

667
00:45:38.000 --> 00:45:39.159
your business.

668
00:45:38.840 --> 00:45:42.760
In less than forty four days. Michael, is that incredible?

669
00:45:43.239 --> 00:45:47.039
Ah? That is yeah. I mean that's really creative.

670
00:45:47.519 --> 00:45:48.760
I'm really creative right.

671
00:45:49.880 --> 00:45:55.360
The next business owner to spotlight is Yvonne Ribeiro, who's

672
00:45:55.400 --> 00:45:59.000
the CEO of ibrand Strategist. In fact, we're going to

673
00:45:59.079 --> 00:46:02.239
do a two for one here, so we're a spotlight Evonne,

674
00:46:02.719 --> 00:46:08.480
as well as her colleague Pollyanna Pasa and Michael. Here's

675
00:46:08.519 --> 00:46:14.280
their headline, dream It, brand it, make it. They help

676
00:46:14.440 --> 00:46:18.800
ambitious entrepreneurs bring their unique ideas to life. You can

677
00:46:18.840 --> 00:46:24.159
find out more about the team at Ibrandstrategists dot com.

678
00:46:24.280 --> 00:46:26.920
And then the last, but not least certainly is Caitlin

679
00:46:27.000 --> 00:46:31.920
Harrison who's a financial planner with Northeast Planning Associates.

680
00:46:32.360 --> 00:46:37.320
Here's her headline, to have no plan is in fact

681
00:46:37.599 --> 00:46:38.119
a plan.

682
00:46:38.960 --> 00:46:45.079
It's not incredible Michael, Right, no matter what, no matter

683
00:46:45.119 --> 00:46:47.599
what season of life that you find yourself in, Caitlin

684
00:46:47.719 --> 00:46:51.480
and her team are certainly here to help. She provides

685
00:46:51.480 --> 00:46:55.039
her clients with services such as investments management or time

686
00:46:55.079 --> 00:46:59.440
and planning, a state planning, as well as insurance need analysis.

687
00:47:00.039 --> 00:47:04.039
Find out more at we are your Planners dot com.

688
00:47:04.039 --> 00:47:08.039
That's the website, we are your Planners dot Com. With that, Michael,

689
00:47:08.079 --> 00:47:09.079
I'll toss it back over.

690
00:47:09.000 --> 00:47:11.199
To you, great, Thank you chick. If you don't have

691
00:47:11.239 --> 00:47:15.639
any questions. There's one more thing I want to like.

692
00:47:16.400 --> 00:47:19.400
Yeah, yeah, there's sort of one quick question based on

693
00:47:19.639 --> 00:47:22.079
and maybe it just kind of ties together everything, like

694
00:47:22.559 --> 00:47:26.199
why do you think business owners are a little bit

695
00:47:26.360 --> 00:47:31.719
nervous about how they do pricing analysis? So you've mentioned

696
00:47:31.719 --> 00:47:34.519
a few different strategies that involves price and analysis. Where

697
00:47:34.519 --> 00:47:36.039
do you think business owners get a little kind of

698
00:47:36.039 --> 00:47:36.800
nervous about that?

699
00:47:37.960 --> 00:47:41.960
Well, first of all, because they can't justify it in

700
00:47:42.000 --> 00:47:48.440
their mind. Okay, that's that's one reasoning. But what they're

701
00:47:48.480 --> 00:47:52.719
not picking up on is if they simply add more

702
00:47:52.840 --> 00:47:57.679
value to their product or service, they can justify every

703
00:47:57.719 --> 00:48:02.239
example that I gave today, there was a reason there

704
00:48:02.320 --> 00:48:06.039
was more value that was being delivered. Absolutely in terms

705
00:48:06.039 --> 00:48:08.239
of when the price, you know, when the price went

706
00:48:08.360 --> 00:48:11.559
up and it was explained. You know, if you don't

707
00:48:11.599 --> 00:48:13.880
explain it, I get it. You know, you could get

708
00:48:13.880 --> 00:48:15.719
nervous about it. But what happens is is that a

709
00:48:15.760 --> 00:48:18.320
lot of business owner has just increased the price. They

710
00:48:18.320 --> 00:48:21.360
don't add any value. And the other thing that they

711
00:48:21.440 --> 00:48:25.079
do is they get into the wallet of the customer,

712
00:48:26.000 --> 00:48:30.320
which is a very dangerous thing because maybe they can't

713
00:48:30.360 --> 00:48:32.719
afford it, or they don't think they can afford it,

714
00:48:32.719 --> 00:48:35.400
so how can somebody else afford it? You just can't

715
00:48:35.480 --> 00:48:37.519
look at it like that. You've got to stay out

716
00:48:37.519 --> 00:48:39.760
of the wall of the customer. The customer makes a

717
00:48:39.840 --> 00:48:43.119
decision based on value and the problem you solve. That's it.

718
00:48:43.800 --> 00:48:47.480
So you know, with some of those examples I was

719
00:48:47.519 --> 00:48:51.559
giving you, you know, there was real value, like, for example,

720
00:48:51.800 --> 00:48:59.639
the company that increased their twenty four hours service, that

721
00:48:59.760 --> 00:49:02.840
was value that the customers saw. Now, the customers who

722
00:49:02.920 --> 00:49:06.320
didn't see value in that didn't you know, didn't didn't

723
00:49:06.320 --> 00:49:09.480
take advantage of it. Great, But the customers that did,

724
00:49:09.639 --> 00:49:12.599
we're willing to pay for it because twenty four to

725
00:49:12.599 --> 00:49:17.480
seven is pretty good service. Absolutely, But yeah, but lots

726
00:49:17.519 --> 00:49:20.400
of business owners they get they get fearful when it

727
00:49:20.440 --> 00:49:24.320
comes to increasing prices because they think they're going to

728
00:49:24.400 --> 00:49:26.920
lose customers. And most of the time, if they don't

729
00:49:26.920 --> 00:49:30.239
add value, I understand the fear. If they're not if

730
00:49:30.280 --> 00:49:33.440
they're not adding value to the product or service, great point.

731
00:49:33.960 --> 00:49:37.119
So that's yeah, that's that's basically, uh, what it is.

732
00:49:37.159 --> 00:49:41.960
And so unfortunately that's all the time we have today.

733
00:49:44.360 --> 00:49:48.480
So to get a copy of our book, Powerful Business Strategies,

734
00:49:48.519 --> 00:49:52.199
simply go to our website www dot next Step cf

735
00:49:52.400 --> 00:49:57.280
CFO dot net. That's www dot next step CFO dot net.

736
00:49:57.599 --> 00:50:01.400
It's totally complementary and it's until next Monday at noon

737
00:50:01.440 --> 00:50:05.079
Eastern time. For Chucky Obio. My name is Michael Barberita.

738
00:50:05.119 --> 00:50:09.840
And remember, don't keep doing what your competition is doing.

739
00:50:11.719 --> 00:50:14.800
You have been listening to Powerful Business Strategies finding out

740
00:50:14.840 --> 00:50:18.480
that everything you ever learned about growing your business is wrong.

741
00:50:18.760 --> 00:50:21.960
Tune in next week and every week at noon Eastern

742
00:50:22.039 --> 00:50:25.480
time on W four CY Radio with your host Michael

743
00:50:25.519 --> 00:50:30.400
Barbarita of Next Step CFO and moderator chugy O Bio