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Mailbag Episode: How to Grow Your Business Through Pricing, Sales Strategy and Process Optimization
Manage episode 474754938 series 3613172
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This episode is a mailbag episode in which Kenny Chapman and Chris Crew tackle a couple of crucial questions from audience members.
From the biggest concern that keeps them up at night to the #1 cause of business failures and increasing credit card transaction fees.
You’ll hear Kenny and Chris shed some light on these important issues, some of which will help you grow your business.
- Kenny Chapman and Chris Crew kick off the episode by addressing a question from audience member Haley, who asks about the challenges that are keeping them up at night in a time where consumers are financially struggling.
- Chris acknowledges that building a business is fun and rewarding and that different people have different concerns.
- The goal of pretty much every home service business owner is to grow top line – but it’s important to do it profitably, stresses Chris.
- Chris explains why growing unprofitably is the most painful thing in the world, and why you should get profitability dialed in first.
- Chris and Kenny share a real-life example of a company that did not focus on profitability in its first three years–and how its business transformed once it did!
- Kenny brings Wall Street and unicorn startups into the conversation.
- Process optimization is the challenge that keeps Kenny up at night.
- Activity, commitment, courage, focus, confidence, implementation, and non-stop training all contribute to making a company take notice and want to hire you
- Chris discusses an approach that can generate very strong margins on low-end equipment.
- Scheduling is the focus of the next audience question…
- Chris touches upon the importance of having a call priority matrix in the context of sales.
- Kenny reiterates that it’s about being profitable, as well as the fact that less is more.
- “Every day, we’re doing the best we can in the human experience, in the service business world,” says Kenny.
- Remember: your best is all you’ve got!
- Audience member Taylor asked Kenny and Chris for help in creating scripts and verbiage regarding a 3% credit card fee – something that Taylor’s customers don’t like.
- Chris’ advice to Taylor is to increase all prices across the board by 3% and assume that everyone will use a credit card.
- Not being priced correctly is the #1 reason why businesses fail.
- Kenny and Chris bring up how a customer may feel if they’re presented with increased credit card fees, as well as other types of fees.
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