Product Prep’s Post

On June 5th, I had the honor of being the Spotlight Reporting guest speaker of the month. During the webinar, I delved into the strategic benefits of holding regular finance meetings with a CFO. Many of the strategies I provide can be a powerful catalyst, propelling businesses toward growth and profitability. If you missed it, don’t worry—watch the replay!  https://lnkd.in/gRr3Y2sc

Are you charging by the hour or bundling your pricing? If you're in professional services—whether it's finance, PR, marketing, or coaching—it’s time to stop selling hours and start selling your knowledge. Bundling your services is not just more efficient, it’s more profitable. Here’s why bundling works: 💥Sell Value, Not Time: Instead of tracking every hour spent on a project, bundle your services based on the knowledge and expertise you provide. This shifts the focus from hourly work to the value you're delivering to clients. 💥Simplifies Pricing: Bundling simplifies pricing for the client, making it easier for them to understand the value they’re receiving in one comprehensive package. 💥Increases Perceived Value: By grouping services together, you can charge more than if each service was billed separately by the hour. Bundling positions your services as a complete solution, increasing the perceived value for the client. 💥Encourages Commitment: Clients know exactly what they’re paying for and feel like they’re getting a more comprehensive solution, which encourages long-term commitment. 💥Maximize Profitability: Lowering your prices impacts your bottom line. By bundling services, you can ensure your price reflects the value you provide, without compromising profitability. 💥Track Your Time: Even with bundled pricing, time tracking is key to understanding how your resources are being used and ensuring efficiency. It’s essential to monitor how time is spent on each client to avoid wasted hours and optimize resources. Bundling is the way forward. It allows you to offer clear, profitable packages while ensuring you and your team are operating efficiently. #servicepricing #serviceproviders #hourlywages #bundlepricing #packagepricing #fractionalcfo #financialadvice

The most painful lesson I learned is scaling our sales without addressing our operational backlog issues. Let me share a tough experience we went through. We rushed to scale our sales, but we ignored our operational backlog. In our excitement to prioritize delivery, we often skipped the necessary paperwork. This led to a chain reaction of problems. Finance was left to fix the mess we created. Back then, we thought we were being smart, putting customers first while ignoring our processes. We didn’t realize our company had outgrown one-person bookkeeping. We really needed a skilled finance team to handle everything. This mistake resulted in years of backlog, and we struggled with financial visibility until recently. Looking back, it’s clear: we could have saved ourselves a lot of trouble by scaling wisely.

Do you have a ‘pricing’ problem? Most SMB founders and owners find pricing to be tricky. What you have is really NOT a pricing problem. It is actually one of the four problems: value, cost, communication or fit. Whenever you think you have a pricing problem, ask four questions: [1] Are we creating enough value to our customers? [2] Do we have the right cost levels? [3] Are our customers see the value they are getting as we do? [4] Is this the right set of customers to work with. Question: How do you deal with your pricing problem? #consulting #strategy #pricingstrategy ___ 👍Like it? ♻️Repost it! 🔔Follow for more. 

📌 Browse our #smallbusiness workshops this week: QuickBooks 101 240924 Learn How to Read the Financial Statements 240925 Planning for Profit - How to Develop a Winning Financial Plan. There's still time to register ↓ https://lnkd.in/gCTQdQiF

The Balance Sheet Strength Assessment evaluates company engagement in 10 business activities. Activity #2: Holds meetings to discuss customer product preferences. Company management’s focus on customer product preferences is essential for revenue stability/growth and cost control. Knowing the specific product features that meet and exceed customer expectations is the key to achieving consistent and growing revenue. That knowledge simplifies marketing and sales efforts by directing spending toward efficient feature promotion that produces the revenue. The result is two-fold: revenue stability/growth and lower spending levels that fall to the bottom line. An increase in the bottom-line IMPACTS the Balance Sheet and drives Balance Sheet strength. BALANCE SHEET STRENGTH ACTIVITY #2 OF 10: Holds meetings to discuss customer product preferences. Reach out to PEK to learn more about BSBM workshops on a ZOOM. www.pekaccounting.com

From Salesman To Finance Manager, here's the action plan you need ⬇️

🔍 What does "Sales" mean in Accounting? It encompasses more than simply tracking and recording sales transactions for financial assessment. Effective communication and problem-solving play a significant role as well. To genuinely support your clients, it's essential to grasp their challenges beyond current projects by asking the right questions that address their needs and foster growth. Are you ready to take your approach to the next level? Keep reading! #Sales #Accounting #BusinessGrowth https://lnkd.in/ePYD3f4J

Title: "Mastering the Symphony of Sales, Customer Relationships, and Financial Management" Within the intricate world of small-to-medium-sized businesses, the harmony between financial management and cultivating customer relationships is critical to the rhythm of success. The melody of these elements, when orchestrated properly, becomes a symphony that drives growth, innovation, and sustainability. Fiscal responsibility should not be viewed as a mere obligation, but rather as a strategic tool in your business arsenal. Every cent counts, every budget matters. Adopting a proactive financial management approach ensures survival during economic downturns and fuels expansion during prosperous times. It involves strategic budgeting, meticulous record-keeping, and timely financial reporting. However, without a robust sales strategy, even the most prudent financial management is futile. Sales are the lifeblood of your business, the drumbeat that sets the pace. The art of selling requires a deep understanding of your customers' needs and wants. It's not about pushing products or services, but about providing solutions that resonate with your customers, making them feel valued and understood. Strong customer relationships are the soul of your business symphony. They are the melody that lingers, the refrain that attracts repeat business and cultivates customer loyalty. Building genuine, long-lasting relationships with your customers doesn’t just increase sales, it transforms customers into brand ambassadors, amplifying your business reach. In essence, the symphony of sales, customer relationships, and financial management is the soundtrack to your business success. Each instrument plays a vital part, and only when they are in perfect harmony can the music truly resonate. So, conduct your business orchestra with passion, precision, and purpose. Remember, the symphony you create today will echo in the halls of your business legacy. #FinancialManagement #SalesStrategy #CustomerRelationships

Dealer Principles, General Managers and CFO's/Controllers! Sorry, but you're making enough you say? Saving or cutting costs is not a priority? You're good with what you made last month, quarter, or year? You've reached your maximum revenue you say? You've done everything possible to increase profitability? With three decades of hands on automotive sales & finance management, I know that's not the case. If you answered YES, then you can just scroll past this post. But, if you're an innovator, leader, always reaching for new heights....LISTEN! We fight for every dollar on a deal and maximize each opportunity everyday (sales, service, parts, etc...). So, why do you accept giving up some of it to unnecessary processing fees? What if I told you you can retain up to 88% of loss profit from merchant fees and boost your bottom line without adding or reducing... * staff * inventory * marketing * or changing any of your current procedures or processes... and, actually streamline your current payment processing infrastructure at the same time? PLUG & PLAY ...and INSTANT RESULTS!!! Yes, it's that simple! Let's connect & schedule a demonstration showcasing how much this innovative & cutting-edge system can instantly boost your payment processing program adding ten's of thousand a month if not millions* per year back into your gross revenue. DM here, call/text (484)995-0210 or email @ [email protected]