My $3m revenue goal

This morning I posted on LinkedIn about how systems are so important to reaching your goals. One of my goals for MAVERRIK has been to hit the $3m revenue target. 

We've bounced around $2.5m for almost 3 years now and getting that last half million has felt like an impossible task. Part of that is getting new systems installed to handle growth but another part of this has been a bit of a realisation.

It looks like this year, we will hit or come very close to $3m in annual revenue, we still have some work to do on systems but the answer is not systems.

I discovered the solution whilst coaching a client and it was staring me in the face. 

I was working with an executive coach who has just left corporate. She'd been informally doing coaching for a number of years but had stepped out of her role and jumped in feet first. Her clients thus far had been freebies and friends to give her experience.

Now, she needed actual paying clients. We talked for a while and I said to her in my usual way - we need to go high value, low volume. Sell a coaching package for $4k not hourly sessions. She was very hesitant because she'd never sold anything before, let alone a $4k package. She wanted to sell lower priced hourly sessions.

A crazy discussion followed. She needed a minimum of $4k to cover her expenses per month, but at the same time wanted to sell hourly sessions. I explained that doing hourly would mean needing to get 10 clients doing 2 sessions per month - that's a lot starting out. Selling a package meant signing one client per month - way more managable.

She needed the $4k packages, but her focus and comfort zone was $200 hourly sessions. That conflict meant she was stuck between wisdom and instinct.

That moment gave me a lightbulb for my own business. Given we have glowing reviews, testimonials from great clients, if we increase prices - we close that revenue gap add to the bottom line and do it without any more pressure or stress. I sense checked our pricing, we were not even near the top end of the market for price, despite being one of the best and largest at this LinkedIn and Social Selling thing.

So, we shifted prices 20%. We lost a small number of clients, but we now have more resources to support clients, we hit our goals and we don't add huge costs.

Sometimes the goal is hit by charging more not selling more.