The High Price of Your Tolerance in Business
{}
This is a topic I haven’t been willing to look into for many years. All my life I’ve had a very low tolerance for people’s ignorance and low conscious behavior. For many years, I resisted it and judged it as negative, like I couldn’t accept the reality outside of me. It took me decades to finally realize that I have a different standard and it’s actually a gift. Those other people are living in a non-validating, “limiting-stories” reality.
Each of us has a different level of tolerance for certain things in life: our relationships, with kids, with parents and in our business. Tolerance is very connected to our personal boundaries which need to be an integral part of our life and business. And it’s very important to question and reflect on what you tolerate in your life and business and ask how much those things cost you.
What do you tolerate currently in your business?
For example, it may be:
Non- ideal clients who are not committed?
Late payments… or no payments?
Low fees?
Becoming aware is the first step. The second step is to take it further and calculate how much money you are losing by tolerating these things.
For example, if you didn’t tolerate low fees, how much would you be charging now for your services? In numbers?
Say for example, you have a VIP day which you sell for $1,247 and you know that you should charge for that at least $1,997. The difference is $750.
For example you can sell 4 VIP days in a month, which would yield 4 x $750 = $3,000. When you multiply that times 12 months x $ 3k = $ 36, 000 / year.
Now, if you will take half of that 36k (which is already not bad, just from raising your prices!) and invest in your business, maybe do some more branding, learn new skills, up level your offerings – in 6 months you would change the price of your VIP day to $ 2,447 and sell it for the next 6 months, you will increase your income by $46,800.
I don’t think I need to continue, you get the idea…
What are you tolerating in your business now? And what is the cost to your business in lost revenue?
No comments yet.