Fix This Next Business Hierarchy of Needs: Profits
[Creative Freedom S5EB7]
This is bonus episode 7 and we're continuing on through the Fix This Next methodology. This episode, I talk about the second level of the hierarchy: Profit.
The Business Hierarchy of Needs is a model developed by Mike Michalowicz, author of the forthcoming book, Fix This Next. I'm a certified Fix This Next advisor, and I'll be walking you through each level of the hierarchy in separate episodes.
Based on the original Hierarchy of Human Needs developed by Abraham Maslow in the middle of the 20th century, Mike posed the question, "What is the hierarchy of needs for a business?"
There are five levels to the Fix This Next Business Hierarchy of Needs, and five aspects in each level that you need to consider. Just like Maslow's hierarchy, though, you need to resolve the issues at the lowest levels of the hierarchy before you can deal with anything higher up.
The second level of the Business Hierarchy of Needs is profit. Managing profit is more than just pricing. It's reducing debt or leveraging it strategically, proper cash reserves, and encouraging repeat business, too. This week's episode explains.
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There are also a lot of “feels” that come up around pricing. Today, I want to tackle one of the most common concerns I hear from entrepreneurs with an existing book of business: How do I raise my rates so that I don’t lose my current clients or come off looking like I’m only in it for the money?
One of the things that stops creatives from growing their business is a fear that they don’t have the credibility it takes to attract quality clients. Fusion Creatives tend to be “credential collectors” which stops you from bringing your Great Work to the world. This episode shares five things you can do (starting today) to build credibility in your niche, even if you’re just starting out.