Business Leaders: Is Your Personal Pricing System Working?

If you are like most successful leaders you place your business, your team, your next product or service and your clients or customers first. It just makes sense, because this kind of prioritizing is just what propelled you to where you are today.

Often executives tell me that they want more balance in their lives – to work less, stop over delivering and undercharging both in terms of their customers and themselves. As your business grows it’s likely that the decisions get tougher, the implications of decisions have more impact, and the level of stress rises. The very work and achievement ethic that has brought you to the top may be draining your energy and overloading your action list, leaving you with little time to enjoy your life.

best use of that time. If more time is in demand from all sources than you have, it’s a sign that you need a bigger or more well developed team. If getting more team is not feasible, then your time is clearly worth more personally, professionally and financially and your goal will be oriented around boundaries. More demand, less supply means increased pricing.

Similarly, you devote your energy to production in the form of decisions, choices, solving problems, leading others and envisioning the future of your business. While energy can be reproduced, and the body is often like a machine, it requires maintenance at a higher level than most production lines. We need health, sleep, sustenance and interaction, plus time for ourselves. If your production tasks are draining all your energy and your body and mind aren’t getting renewed appropriately, it could be a sign that you are not delegating enough to your team, or that you or others have unrealistic expectations.

Just as clients or customers purchase your business product or service, there are those in your business and life who benefit from the distribution of your energy. Your team, those to whom you are responsible such as a Board of Directors, and your family are all on your energy distribution list. You are also on that list, as there are priorities you have for your own life as well and for which you wish to conserve your resources. A sure sign that your personal pricing system is not working is when one or more of your distribution outlets is not getting the benefit of your energy distribution.

You can get the balance back in your life by identifying where your system is out of balance and making the necessary adjustments, enabling you to enjoy your accomplishments with family and friends and to focus on your bigger vision. Just as pricing is a reflection of the economic climate, so is the value of your time, energy input and output!

For more about Pricing System Best Practices, and to have a complimentary strategy session contact customerservice@lourdesgant.com

 

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