You’re Worth it! How to Determine YOUR Worth (and make it pay)
My husband Leigh is a Business Strategist and Mentor and over the past two years has been more actively involved with Your Time Matters providing mentoring and strategy sessions, and facilitating our “Think Tank” programfor our business owners, who may or may not attend our events.
Leigh’s background is in the banking and finance industry where he has worked with major banks and large corporations for over 40 years in various capacities. More recently he hasalso met and talked with over 150 small businesses in the last 2 years and now has unique insight into what makes business owners and their businesses “tick”.
From Leigh’s perspective (after thousands of conversations with small business owners, corporate executives, and individuals) he sees it as a privilege to listen to people sharing their dreams, their drivers, and their demons and to find that lightbulb moment where they suddenly realise they have the solution.
Leigh tells me that most business owners know what they want to achieve but they need help exploring the implications and thinking through the details.
Leigh’s job is to help business owners lean into what they know they should do, and take responsibility for it, and turn it into a profitable strategy. His role is to ask questions and help them:
· discover where theyare
· where they want to be
· learning about theirnetworks
· available resources
· budget, cash-flow
· and more…
Recently, I asked Leigh to share the biggest hurdle he often hears from his clients and he told me that determining theirworth to others and how to translate value to price accordingly, comes up time and time again.
He says, in order to build a bigger and better business, there are 2 key elements a business owner needs to focus on in determining “Worth” to others. Combined, these elements will shape the way you consider how you prospect with existing and new clients by translating “what you do” into “ choose me and this is how your business will benefit”
First: Reflect and record the enormous experience you bring to the table
i.e. Your investment in building Your experience
a. Time and training with an employer
b. Study and qualification and ongoing professional development
c. Experience in getting things right and wrong
d. Understanding the trends and do and don’ts (law, regulation) in your business/profession
e. Setting up your business, taking a risk and developing a proposition that works
Second: Your investment in paying respect to and standing in the shoes of your current and prospective clients
f. Developing a value proposition that has thought through what your clients problems are and how you can resolve them
g. Develop an Offer that talks to how the client will benefit by using your services ie
i. better staff engagement ( happy, retained staff with ideas how to improve things)
ii. client experience ( repeat business and become an advocate to new clients for your services) and
iii. shareholder/owner experience (better margins/profit)
Build your “Brag” sheet and privately convince yourself first of your extraordinary worth.
Then spend time in thinking through not what you do but translate this into “what you will achieve for a client” and make sure it is in their language”.
So what are you worth and what’s your price?
Formulae: Demonstrate it first to yourself + talk the benefits of choosing you in the language of your client = more than you currently charge
Leigh will be speaking at the coming YTM Networking with a Twist event in Brighton on 27th June, and will be happy to share more thoughts and answer your questions. Reserve your seat today.