Simplify Your Products & Set Prices for Great Results
For many of us (myself included), the start of 2022 has felt a bit anti-climatic. My hypothesis is that many of us don’t have the energy for a flashy, energetic start to another year. It feels more like: continue. And that’s why I’m proposing this year, to not add more stuff to your business. To the contrary, I’m advocating: simplify your business.
You may (rightly) be wondering: How?
Absolutely, we’ll get to that. But if you’ll allow, I’d love to first make a case for why.
Last week, we shared Ellevated Outcomes year-end growth report. But also, please let me say in a very human way: those numbers look so bright and shiny from the outside. And yes, our outcomes were good! But like any small business – and for any business owner – it was a year of highs, lows, and ha’s. Our outcomes were a result of simple work. But simplification takes hard work and smart strategy. That’s why most people don’t do it.
This is the work that we do, alongside our clients, in our Advisory Practice. Believe it or not, when implemented, it has never not worked. Take a peek at our people’s astounding 2021 outcomes.
So “What do I do?” you may be wondering. We start nearly every engagement with product and pricing segmentation. Broken down simply (and in plain English, ha), here are the 3 steps:
1. Organize your current business by revenue groupings.
2. Separate out your top product or customer segment.
3. Drill (way) down.
The concept and structure is simple. But as you can imagine, each step has many steps that cascade from it. That’s why we do it with our clients over the course of a year. But here’s the thing…
Taking the time on the front end (or middle, it doesn’t matter at what point you’re at) to dig through the dirt a little to simplify your product and set your prices for your business’s most important products pays off in leaps and bounds.
This simplification seems like it’s just about the numbers, but it’s so much more. It allows small business owners to free up space (and money!) for creative pursuits, life, and other people. To us, our clients have been role models and boundary-pushers for contributing to the economy with intention, improving lives of their employees, and investing in their future selves and those around them.
