by MHolland | Mar 21, 2025 | Business Tips, Selling Tips, Systems
Micro-habits work…
What are micro-habits, you ask? They are tiny ways to get started on setting new habits versus setting Big Goals that never happen. As in, put on your jogging shoes and run in place for 2 minutes versus 30 minutes of exercise as a goal. Or, in business, call one customer a week for 3 minutes.
I use two apps that help me develop habits and fulfill on my goals.
Habit Loop tracker is a terrific app that you use on your phone (funny that we call it a phone, when it so much more than that, right?).
You simply create a habit you want to track, set notifications, and, then, well, track it! For me, a simple personal example is stretching with bands. I set the habit for daily tracking and for 10 minutes.
I know I can do 10 minutes! Maybe 20. Thirty minutes – maybe. Yet every day, that starts to seem like a grind and no fun. I also do 15 minutes of stretching. I would never do 30. You get the idea.
Start small. Because the habit is King. The habit is the goal. It will either be enough, or stretch out beyond the micro habit.
In business, I am singing a tune more and more with my clients of improving only 1%. In four areas. The effect can be wildly powerful.
Here is what I am saying – 1% price increase, 1% savings in Cost of Goods Sold, 1% volume increase, and 1% savings on fixed costs.
For example, a business with $10 million in sales implementing a 1% price increase adds $100,000 to the bottom line. We have not even started on the other 1% improvements yet! The leverage effect is incredible.
Here is a great article from the Freedom App people talking more about Micro-Habits: Micro-Habits With Freedom.
(PS – that is the 2nd app I use daily – the Freedom app. I block websites to avoid distractions and stay focused on – you guessed it – my habits. Habits are King).
Capital Gains Exemption
Here is a good article on recent changes to the Capital Gains exemption for small businesses in Canada: Capital Gains.
Marketing on LinkedIn
Here is a good article on increasing your profile on LinkedIn, a global network with one billion members – Linkedin-7 Tips To Improve Your Company Profile
Have a great weekend, and thanks for reading…
by MHolland | Feb 28, 2025 | Business Tips, Systems
The last two weeks I have been writing about the first two leverage points in growing a business – any business!
Leverage Point Number One is getting more customers/clients of the type you want.
Leverage Point Number Two is getting your customers/clients to come back more often. To buy more from you. In accounting terms – to increase your transaction frequency.
This week we will take a break before going through Leverage Point Number Three, and talk about eating the frog.
Nice image, right?
We live is a hyper distracted world. Smart phones, iPads, and laptops are feeding you news, emails, notifications. In other words, distractions.
I use an app called Freedom to block social media, notifications and newsfeeds when I need to focus for long blocks of time.
This month’s Freedom newsletter blogs were great! The first one is, as my title of this blog indicates is – Eat That Frog Productivity Hack
The second blog worth reading is about doing nothing. Doing nothing as a productivity hack to – be more productive. A seeming paradox, yet true. Doing nothing for blocks of time can increase your overall productivity.
Think, less is more.
You can read this great blog here – Art of doing Nothing Productivity Hack
Thanks for reading…
by MHolland | Feb 7, 2025 | Business Tips, Cash Flow, Systems
Inflation and rising costs can seriously erode your businesses profits…
Now the very real threat of a 25% tariff on all goods exported to the USA will squeeze profits for businesses selling across the border.
For family-owned businesses, where relationships and long-term stability matter, the challenge is even greater. A misstep in pricing can erode trust, while failing to adjust can eat away at profits.
The good news?
Smart pricing strategies can help you stay ahead. Here is how you can outmaneuver inflation and tariffs while keeping your business healthy and competitive.
Understand Your Cost Structure in Detail
Before making any pricing decisions, get a granular understanding of your costs. This means knowing not just your direct costs (materials, labor) but also overhead (rent, utilities, software subscriptions).
- Action step: Review your cost structure monthly to spot trends and pinpoint where inflation is hitting hardest. This is one step we do monthly with our clients in our Controller’s meeting.
Use Strategic Price Increases
Instead of across-the-board price hikes, implement targeted increases that align with value perception.
- Increase prices on high-demand, low-elasticity products/services—those your customers cannot easily replace.
- Offer tiered pricing—keep an entry-level option affordable while adjusting premium offerings to reflect value.
- Gradual vs. one-time hikes—small, incremental increases over time can be more palatable than a single large jump.
Improve Pricing Psychology
Consumers do not always respond rationally to price changes. Leverage pricing psychology to maintain sales.
- Charm pricing: A price of $97 often feels significantly lower than $100.
- Anchoring: Show higher-priced options first to make standard offerings seem like a great deal.
- Bundle services/products: Customers are less sensitive to price changes when items are bundled together.
Lock in Long-Term Contracts with Suppliers
Negotiate multi-year agreements with key suppliers to lock in better rates and protect against sudden cost spikes. Consider bulk purchasing or forming partnerships with other businesses for greater buying power.
A well-known cliché – lean and mean – applies now to overhead. Look at all your fixed costs and ask – do I need this now? If yes, can I get it for less with another supplier, and not lose the quality I need?
- Action step: Review all supplier contracts and identify opportunities for renegotiation.
Introduce Value-Added Services Instead of Discounting
Discounting can erode margins and set customer expectations for lower prices. Instead, add value in ways that do not significantly increase costs.
- Offer free training, extended warranties, or enhanced customer support.
- Provide loyalty rewards or exclusive first access to new products.
Improve Operational Efficiency
Cutting waste and optimizing internal processes can free up resources to absorb cost increases without passing them all to customers.
- Automate repetitive tasks with technology (e.g., like we do with Plooto for payments, ApprovalMax for approvals).
- Streamline supply chain and inventory management.
- Reduce overhead costs by outsourcing non-core functions.
Implement Dynamic Pricing
Big retailers and airlines use dynamic pricing to adjust rates based on demand and market conditions. Family-owned businesses can take a similar approach by adjusting prices for peak seasons or high-demand products.
- Example: A flower grower might increase prices before Valentine’s Day but offer discounts post-holiday.
- Action step: Monitor demand patterns and consider flexible pricing models.
Educate Customers on Pricing Changes
Transparency builds trust. If you need to raise prices, explain why. Customers are more understanding when they know the reason behind increases—especially if you highlight the continued value you provide.
- Use newsletters, social media, or personal conversations to communicate pricing changes effectively.
- Reinforce the benefits of your product/service—superior quality, reliability, or unique expertise.
In Closing
Inflation, tariffs, and rising costs are a challenge, but they do not have to derail your business. By strategically adjusting prices, optimizing efficiency, and focusing on value, you can protect your margins and maintain customer loyalty.
Thank you for reading…
by MHolland | Jan 29, 2025 | Business Tips, Remote Work, Systems, Uncategorized
Our digital world holds many advantages…
Our business would not function without the internet and online software.
Yet, there is a downside. Being online, all the time, and losing touch with nature and the analog world.
I thought this was a terrific blog from the Freedom app I use to manage my online time:
Digital Sabbaticals
What do you think of this? Would love to hear your thoughts.
Thanks for reading…
by MHolland | Jan 24, 2025 | Business Tips, Cash Flow, Selling Tips, Systems
Every business faces the delicate task of raising prices…
Whether it is due to rising costs, inflation, or a desire to increase margins, increasing prices can feel risky. Who wants to lose customers?
The truth is, when done thoughtfully, a price adjustment (great word, adjustment, isn’t it?) does not have to send your customers running. It can even strengthen your relationship with them. Here are ten steps on how to raise prices while keeping your customers loyal and your business thriving.
Step 1 – Understand Your Value
Before making any changes, take a step back and assess the value your business delivers.
What makes your product or service unique?
Why do customers choose you over competitors?
If you are confident in the value you provide, it will be easier to communicate why the price change is justified. Use metrics like customer satisfaction scores, testimonials, and retention rates to solidify your confidence.
Step 2 – Evaluate Market Conditions
Research competitors and industry trends.
Are others in your market raising prices? What are the current customer expectations?
Understanding the market context will help you set a price that is competitive yet profitable. Tools like cost benchmarking and competitor analysis can provide useful insights.
Step 3 – Segment Your Customers
Not all customers are the same. Segment them based on factors like purchasing frequency, loyalty, and price sensitivity.
By understanding which groups are more likely to accept a price increase, you can tailor your approach and messaging to reduce pushback.
Step 4 – Communicate Clearly and Transparently
When it is time to announce the change, clarity is key. Be upfront about why you are raising prices. For example:
- “We are committed to maintaining the quality you expect, and this adjustment allows us to keep delivering exceptional value.”
- “Due to rising costs in materials and operations, we’ve made the difficult decision to adjust our pricing to ensure sustainability.”
Express gratitude for their loyalty and frame the change as part of your commitment to long-term excellence.
Step 5 – Add Value Alongside the Price Increase
Customers are more likely to accept a price change if they perceive added value. Here are some ways to do this:
- Enhance your product or service offerings with additional features or benefits.
- Offer loyalty rewards, exclusive discounts, or upgraded support.
- Bundle services or products to create more value for the price.
Step 6 – Offer Advance Notice
Whenever possible, provide customers with enough time to adjust to the change. A 30-day notice is widespread practice. This demonstrates respect for your customers and gives them time to budget for the new pricing.
Step 7 – Pilot the Change
If you are unsure how customers will react, consider testing the price increase with a smaller segment before rolling it out to everyone. This can help you gauge the response and refine your strategy as needed.
Step 8 – Train Your Team
Your employees are the face of your business, and they need to be prepared to address questions or concerns from customers. Equip them with the right messaging and tools to explain the value of the price change with confidence and empathy.
Step 9 – Monitor Customer Feedback
After implementing the new pricing, keep a close eye on customer reactions. Monitor sales data, feedback forms, and social media comments. If there’s significant pushback, consider offering temporary incentives or reevaluating certain aspects of the change.
Step 10 – Celebrate Your Wins
If your price increase is successful, take the time to celebrate! Share the results with your team and reinforce the importance of delivering consistent value to your customers. Positive outcomes can boost morale and set the stage for future growth.
In Closing
Raising prices does not have to mean losing customers. By understanding your value, communicating effectively, and delivering exceptional service, you can maintain trust and loyalty while improving your bottom line. Price increases are an opportunity to reaffirm the strength of your brand and ensure the long-term success of your business. So, take the leap confidently—your customers may even thank you for it!
Thank you for reading…
by MHolland | Jan 17, 2025 | Business Tips, Cash Flow, Systems
The Ming Vase – A Symbol of Rarity and Value
Imagine I give each of you, as a business owner, a priceless, one-of-a-kind, Ming Vase…
At first, you are speechless. You marvel at its rarity, its delicacy, its beauty.
You treat it carefully, tenderly. You show it off to your friends and family.
It becomes the centrepiece in your living room.
Gradual Neglect – Losing Sight of What Matters
Then, gradually, imperceptibly, over time something happens.
You notice it less and less.
You no longer see its rarity and pricelessness.
You find a new home for it – your daughter’s bedroom. She uses it as an umbrella stand.
It never gets cleaned. If you look closely, it has a small cobweb or two,
The Ming Vase – The Symbol of Your Business
So, what is my point?
This Ming Vase is a symbol of your culture.
Your business was never just a means to make money. It was a creation, a culture, that you built from nothing, and returns you money. It also returns you gratitude, love, respect, joy, purpose, and fulfillment.
Are You Treating Your Culture Like a Priceless Treasure?
Do you treat the culture in your business like a precious Ming Vase? If not, why not?
And here is the thing, a culture is as difficult to form, shape and build as a Ming Vase. And equally as delicate.
A takes a lot of work to build it. And nothing to destroy it.
How Cultures Break – Neglect and Compromise
We know how to break a Ming Vase. Stop caring for it. Drop it.
What about a culture?
The building block of culture is relationship. And how does relationship get built?
Words. The creative word.
The Power of Creative Words
Creative words communicate more than the time of your next meeting. Creative words edify, lift up, empower, inspire, and motivate.
Over time these powerful words build your business culture. They are the oil of relationships – with your customers, your Team, your suppliers – everyone.
And, as I have repeated many times, how you do one thing is how you do everything. You cannot build a culture saying kind words to your customers and then yelling at your Team. That does not work.
The Strength and Fragility of Culture
Over time your culture will be as strong as tensile steel and as delicate as a Ming Vase. It has both qualities. How so?
It has the strength of tensile steel over time because your words, and the words of your Team will become second nature. People stepping into the culture will act out the values of the culture. The culture becomes who they are, what they say, the actions they take. It becomes, as the cliché says, like water to a duck.
On the flip side, this precious culture can be destroyed with a few misplaced words, actions, or worse…
Compromise – The Silent Destroyer
Over time, you stopped seeing the preciousness of your culture (like the example above). You let spider webs creep in. You compromised the culture.
You took shortcuts. (It takes longer to write texts and emails using softeners to maintain your culture). Over time, you, and your Team stopped taking the time to write in this creative way. You saw that your customers, suppliers, and the general business community did not care about culture like you do.
So, you compromised, and over time a degradation seeped in.
And, one day you woke up and realized that your business was ordinary, like everyone else’s. It was no longer a thing of rarity, of preciousness. It was cracked…
Rebuilding a Broken Culture
What to do?
Simple.
Start again. Go back to the beginning and start using words wisely. Speak and write and think with softeners. (“I wonder if you would be so kind to…” … “Thank you for sending me those documents so quickly” ….” Kindly find attached your reports for the month”).
You can rebuild your culture and shape it according to your values.
And, remember this, it takes ongoing care, and awareness to keep your culture going.
Oh, and lastly, what does this have to do with creating a successful, profitable business?
Everything. Everything. Because you are not creating a money-making machine (that is the result). You are creating a magnificent life!
Thank you for reading….
