As an Adviser…
Making Sure You Get Paid What You’re Really Worth Can Definitely Multiply Your Revenue.

 And Your Profits.

 And (as any seriously successful entrepreneur will tell you)… getting your pricing right can free you from the treadmill of being trapped for years by your own business.

 The problem is, most Advisers put a cap on their own success.

 And I’ll explain why…

 They’re dabbling with fee structures in such a way that they’ll never be able to charge what their service could be worth.

 And they pay the heavy price for that weak strategy.
For decades!

 Let me show you what I mean by asking a couple of questions:

• Is each of your clients paying you less than £2,500 per annum?
• Are you still selling the hours of your life for money?
• If you took 3 months away from work (let’s say you contract glandular fever) would that threaten your revenue? Your business?

If the answer to any of those questions is “Yes!” then your business is balancing on a weak revenue strategy.

In my view that shows a lack of appreciation of 3 Quantum-Profit Principles:

• People will pay gladly and handsomely for something that is truly important to them
• When you deliver what they really value… the time you spent delivering is not relevant to them. Your time is your problem.
• The value of the business you’re creating lies in building Consistent, Sustainable Profits (not revenue).

Think about those 3 Principles for a moment.

Then ask yourself this question:
“Does the way I’m being paid accurately reflect those 3 Profit Principles? 

Because…failing to understand those 3 Principles is what’s limiting your future.

Right. So to really stir the hornets nest, let’s briefly examine one of the 5 Main Fee Strategies widely used today.

Pay-Me-By-The-Hour

Are you charging your clients on an hourly basis for your services?Really?

Well, let me be perfectly blunt here.
I think you’re making a BIG mistake.

BIG!

 If you still think that this is the way to grow a hugely-successful Small Business…

Then you’ve either not read the first Blog in this series.

Or you’ve simply forgotten what it said.

So let me just paraphrase that Blog…

“Clients are not that interested in you and what you do.
Nor how long you take to do it.
Really, they’re not!
- ‘Taking Them To The Next Level’ or
- ’Helping Them Plan For The Future’ or
- ‘Showing Them How They Can Organise Their Money/Wealth/Business’

They’re not interested in your brilliant technical and consultative skills.
Frankly, they couldn’t give a hoot!

What they are interested in is the OUTCOME that you could help create in their lives.

And they will pay you SIGNIFICANT fees… if you can articulate that outcome in a way which is…
- Specific
- Measurable
- Tangible
- Explicit.

I promise you… the more you waffle and intellectualise and theorise and talk about… 

The less they’ll pay attention to you.
And the (far) less they’ll pay you”

 What’s more, charging by-the-hour achieves three undesirable ends:

• Firstly, the strategy inevitably caps your income. That’s merely a statement of fact;
• Secondly, you’re always open to the “Did-It-Really-Take-That-Long?” question;
• Thirdly, it traps you in such a way that you can only break free by:
  • Either selling some, or all, of your business, or…
  • Recruiting more colleagues to increase your revenue.

If you want to see the price you pay for this professional behaviour… take a good look at the stress levels of many solicitors today.

Oh, yes, many might earn considerable incomes.

But – in my experience as a coach, friend and Adviser - the personal price they pay is often highly questionable.

If you think IFAs suffer from burn-out and stress and fractured relationships…

Boy, as the song goes “You Ain’t Seen Nothing Yet!”

Right. That’s enough stirring for this week.

I’ll pick up the Quadruple-Your-Fees Torch in our next Blog…with more about Adviser Pricing Strategies.

Meanwhile… if you’ve any comments (or arguments) to make…

Well, you know how to reach me. david@soulmillioniare.com

And I might just publish those that will grab our readers’ interest!