05 Jul From Rags (sort of) to Riches!
There is only so much I can divulge about this business story because of the confidentiality we hold for the members of our Women’s Executive Club Group. (peer support) However, the story is so amazing that it needs to be shared.
We’ll call the member Abby. She had been in her business for 11 years when she joined our Executive Club group. Business had always shown seasonal trends, and its growth had been moderate but consistent. Abby greatest concern was cash flow. And because of this, she was getting paid last, and not making close to what she should be! Over the 11 years, Abby had tried all the tricks in the books to make more money, but the challenge was the costs of running the business was high and she felt that if she charged more, she’d lose customers. Sounding familiar to anyone????
Abby shared her situation with the group members. Keep in mind that each Executive Club group is made up of 6 – 8 other women business owners. Each member brings to the table their area of expertise, experiences and ideas. Most importantly they bring a high level of objectivity. Something that most business owners don’t have when working on their own business. Women especially get very emotional in their business. Think of all the decisions you’ve made based on emotions – and Abby was setting her prices based the emotional belief that people wouldn’t pay it.
The group immediately helped Abby see that based on the quality of service she was providing her prices should be significantly higher. This feedback gave her the confidence to make the change. She decided to make incremental increases, which felt more authentic to her. She lost very few clients. People were fine paying the higher fees because they knew they were getting great value. Revenues soared as did her bank account!
Second, the group helped her realize that she needed to expand her business offerings. She created two new streams of revenue that have been growing steadily.
As the facilitator of the group the part I like the best is the comradery and relationships that are developed over the months. Not only do the group members start doing business together, they become great referral partners. The word of mouth advertising each Executive Club group member provides is priceless.
Based on Abby’s revenue growth, her return on investment in the Executive Club was approximately (I hope you’re sitting down) 5400%.
Do you want that type of growth for your business for a relatively small investment?? Are you intrigued to find out how your business can be impacted as a member of an Executive Club, I invite you to attend a free information seminar on July 10, 2018 from 5 – 6 pm at the Phoenix Better Business Bureau. Click here to register now.