It is interesting as I travel across the country (I mention this to let you know that the behavior I will speak about today is consistent in all areas, not just some) I find most all wedding professionals deal with Brides who want to lower everything to “price”. In a conversation that I had with an equipment based company, what was interesting is the top issue he deals with is “price.” In other words, Brides challenge you on price, but guess what- so do Wedding Professionals. We spend our lives trying to convince the Brides of items, services and products which they “need” to make their wedding fabulous, and much to no avail. One of the fun issues is, those same type of things that we “should” be spending our money on with regards to our businesses, we are not.
It is a fact that most of us are bred to have “money issues”. We have been told since we were kids (and probably have told our own kids) things like, “Money doesn’t grow on trees” or “we can’t afford that” which thinking causes us to hesitate when buying something that is not absolutely crucial. Even when the thing is absolutely crucial, we hesitate, we push the decision and wait until the last minute (sometimes until it is too late). We shop, we dicker, we spend more time focused on saving money than we do on making money.
One of the key factors in owning our own businesses is this: we have the best paid hard working job and the worst paid lazy jobs there are. In other words, if we turn up the heat on our businesses today, we can see some results of our hard work a bit down the road. Further if we continue to apply the gas to our business, we will definitely see bright horizons where we have comfort and our families will be enjoying life. Heck we might even take a vacation every once in a while.
The key is this; if we work hard we have less fear. Further we are calmer and relaxed as we know we are bringing about the best that we can do. Whether we see immediate results usually does not matter. The fact that we are working hard brings about a self- assuredness that we will eventually reap the results.
I have had some who are at the end of their rope and are seeking to do one last big effort to rescue their business. They have not effectively gotten the word out to potential clients (one of the main reasons is cost- they went cheap on everything they could) and they are now reaping the consequences of their actions. Let’s face it; there are wedding businesses out there who have put forth a proper strategy in marketing to brides that has worked. Most of that strategy ahs been blood, sweat and tears. They have however, spent a bunch of money. Much of the money they spent went to waste as they had to test and find out what worked, and then they kept their foot on the gas and kept pressing forward until they found the magic formula. Eventually you will find what works too when you press forward and do not stop.
When you fear spending money (especially on the proper aspects of your business) you will most times not spend that money. The Law of Diminished Intent states that once you put off the decision to do something that is a hard decision, your intent may be good, however that same intent diminishes. Eventually it becomes a faded memory. The action was not taken because of fear and now you stand repercussion which is worse than the original pain associated with that decision.
When it comes to improving your business, understand that there is a difference between investment and expense. An expense is something that costs you money (equipment while necessary to perform your work, is an expense). An investment is something that brings money in. Spend your focus and efforts on the investments and you will have the money for the expenses.
Until Next Week, Here’s to your Success!