How to make an extra $5,000 per month

earn 5000 dollars

Most consultants that I meet aren’t expecting to make $10 million per year offering their services. As professionals they want to make a healthy six-figure income. But the constraints on their time – both selling and executing their consulting – make it difficult to scale their businesses. They reach a sales-plateau with little hope of generating more revenues beyond that maximum level. This can lead to frustration and disenchantment; especially if that plateau isn’t enough to support the … [Read more...]

Should a small business barter?

small-business-barter

Cash is king but what do you do if your business needs something desperately and can’t afford it? Take a cue from the past and barter your way to what you need. Bartering has existed since the beginning of history, where people exchange goods or services. It predates the existence of money and is still used extensively today with billions of dollars worth of time and products changing hands every week. Should a small business barter to pay for what it wants? Should a small business barter … [Read more...]

Use big data for small business to crack the pricing code

big-data-for-small-business

Pricing is the most difficult element of a company’s marketing mix to get right. Few small businesses take a scientific approach to pricing, instead relying on trial and error as well as the owner’s gut. Slugging around with unscientific pricing experiments can easily cost a company thousands of dollars a month in lost profits. Even worse it can lead to lost customers that otherwise would have stayed if the proper pricing were used.  Up until recently, only very large companies could afford the … [Read more...]

Use price anchoring to boost sales

prince anchoring

Nailing your pricing should be the focus of every small business owner. While big companies have entire departments dedicated to price optimization, we usually have to rely on our judgment and trial and error. Does this mean we are condemned to always price too high or too low? Absolutely not! There are many proven pricing strategies developed over decades of research that we can put to work immediately. Many are based on human psychology and have stood the test of time. One such strategy is … [Read more...]

Smooth out small business cash flow lumps

cashflow lumps

Only a perfect business receives cash from customers just in time to pay all of its bills. For most businesses, cash flow arrives in lumps with long dry spells in between. The weeks before one of these lumps can be very stressful as owners scramble to find desperately needed cash. While you may be willing to wait to get paid, many suppliers and employees won’t be so flexible. To avoid this stress, you need to use different tools and techniques to smooth out your cash lumps to be able to pay … [Read more...]