Interview Patty

No Cookie-Cutter Approach

May 21, 2024

I typically don't read business books. I find that, rather than building on other people's ideas, I like to develop my own perspectives.

In fact, I’m very protective of my ability to innovate, rather than replicate.

I get a lot of inspiration and insights from fiction instead - books, TV, and podcasts. I love historical fiction and fantasy – because then it becomes about possibilities.

My ability to see potential and innovate helps women build and refine their revenue engine. This is significant because one of the biggest value drivers in your business is consistent, predictable revenue, and everything flows from pricing.

Today’s Question:

What steps have you taken to build a revenue engine that brings consistent, predictable revenue?

But Here’s the Twist
. . .

For service companies, it can be difficult to price for value. More times than we’d like to admit, it feels like we’re picking a number out of thin air.

Sometimes we begin with an hourly rate so we have a starting point. But the truth is, when it comes to pricing, we’re guessing – and we’re almost always guessing wrong.

Those false foundations make us feel like the ground is shifting, and we would much rather price low than take the risk of pricing too high.

Wouldn’t it be simpler if your industry published a standard pricing formula? It might be simpler, but determining your own pricing gives you power, choices, and flexibility.

Effective pricing is not some simplistic formula. It’s a framework that works when you speak with a buyer – every time. You feel comfortable and confident talking about your pricing because there is a reason behind it. It’s not personal. It’s structural.

Buyers will understand your pricing better and will be more likely to engage with you when they’re not trying to puzzle out how much the work will really cost.

Your pricing will be standardized but customized. You won’t be guessing, and you won’t have trouble communicating it. Your clarity and confidence will lead to sales conversations that are less stressful and more productive. If you’re not feeling anxious, you can focus on building the relationship and guiding the buyer through your sales process.

It’s time to leave the broken cookies behind and price your services to reflect the real value you bring to your clients. It’s time to grab the whole cookie!

-- Excerpt from Patty’s book, Your Hidden Advantage: Unlock the Power to Attract Right-fit Clients and Boost Your Revenue

Now What?

There really is no cookie-cutter approach to building a business that is valuable to you, as the owner, and to a potential buyer in the future.

But there is a secret ingredient you can use to your advantage.

At some point, you will exit your business, whether it’s voluntary or not. Are you leaving your life’s work, your impact, and your ability to build wealth in the hands of fate?

Even if your planned exit is 5-10 years down the line, the time to prepare is now.

Intentionally building value and positioning your company for your exit is a solid business strategy. While you are planning your transition, you will make more money, lift the burden of the business from your shoulders, and find balance between work and leisure.

An Elegant Exit™ requires a new way of thinking, new skills, a simple and elegant design, and an advocate on your side. Contact me to learn more. 

Discover your Exit Readiness Index™ with this assessment: http://she-exits.com/


A Note from Patty...

My life’s work is empowering high-achieving women business owners to fine-tune their operations and scale their revenue for strategic growth, creating real business value and emerging exit ready. That value can transform into wealth when they are ready to exit their company - and I believe that wealth in the hands of women elevates society as a whole.

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