Crafting a Winning Pricing Strategy: Balancing Cost-Up Pricing, Market Pricing, and Value Perception to Align with Customer Experience
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These are some of the key benefits that family (or small) businesses get when they work with a non-exec director.
As business leaders, we often think of time as our most valuable resource. We carefully manage our schedules, prioritise our tasks, and try to fit as much as possible into each day. But maybe it's more important to think about our capacity in terms of our energy levels. Our energy levels are affected by a variety of factors, including our physical health, mental state, and the environment around us. Some tasks and activities can be draining, while others can be stimulating and recharge us. In addition, the people we spend time with can either consume our energy or inspire and fuel us. Tasks that require a lot of concentration or decision-making can be mentally taxing and can drain our energy levels. Similarly, tasks that are monotonous or repetitive can be physically and mentally draining, leaving us feeling exhausted and unmotivated. On the other hand, activities that we enjoy or that challenge us in a positive way can be energising and can help us feel more motivated and focused. This can include things like exercise, learning new skills, or spending time with loved ones. The people we spend time with can also have a significant impact on our energy levels. Negative, toxic, or draining people consume our energy and leave us feeling depleted and unmotivated. In contrast, positive, supportive, and inspiring people can fuel us and help us feel more energised and motivated. By paying attention to the tasks, activities, and people that affect our energy levels, we can better manage our energy and achieve greater success in our professional and personal lives. Increased productivity. When we focus on managing our energy, we can better align our tasks with our natural rhythms. By scheduling our most demanding tasks during periods of peak energy and focusing on more low-intensity tasks when our energy is lower, we can accomplish more in less time. Better decision-making. Our decision-making ability is closely tied to our energy levels. When we're feeling drained, it can be challenging to make good decisions. By managing our energy, we can ensure that we're at our best when making important decisions for our business. Improved health and well-being. When we're constantly pushing ourselves to do more, it can take a toll on our health and well-being. By managing our energy levels, we can ensure that we're giving ourselves the time and space we need to rest and recharge. This can help reduce stress, improve sleep quality, and boost overall health and well-being. Greater focus and clarity. When we're feeling energized and focused, we're better able to concentrate on the task at hand. This can help us get more done in less time, and reduce distractions and procrastination. Improved work-life balance. By managing our energy levels, we can create more space in our lives for the things that matter most. This can include spending time with loved ones, pursuing hobbies, or simply taking time for ourselves. Overall, managing our energy levels is a more effective approach to achieving our goals than focusing solely on time management. Even top sport people cannot sustain their energy levels to be in their high performance zone, they have to plan recovery into regimes to ensure they have the energy levels required to peak at just the right moment. Working with M4C Business Leadership and Sales Consulting can help you develop strategies to manage your energy levels and achieve your goals. Contact us today to learn more.
Ever wondered why when you have decided to buy a particular model of car and are awaiting delivery you see lots of similar cars to yours on the road? Here’s the science… The reticular activating system (RAS) is a part of the brain that filters the information we receive from our senses and determines what we pay attention to. The RAS, is a network of nerve cells that serve as a filter for the information that enters our brain. It's responsible for regulating our sleep-wake cycle, our level of alertness, and our ability to focus on important information whilst filtering out distractions. It works by prioritising sensory information based on its relevance to our beliefs, goals and interests. When we set a goal or focus our attention on a particular task, the RAS begins to filter out irrelevant information and amplify the sensory input that is most relevant to our goal. If we believe something to be true our RAS amplifies inputs that confirm our belief. If we know how our RAS works… how can we make it work for us? The RAS is a powerful tool that can be used to improve our focus and productivity, and one way to do that is through the use of positive affirmations. Positive affirmations are statements that reflect positive thoughts, feelings, and beliefs about ourselves and our abilities. By repeating these affirmations regularly, we can train our brain to focus on the positive and filter out negative thoughts and distractions. This can help us stay focused and motivated throughout the day, leading to a more productive and fulfilling experience. To use your RAS and positive affirmations to have a better, day, try the following: 1. Start with a positive affirmation. Choose a statement that reflects a positive belief about yourself or your abilities, such as "I am capable of achieving my goals" or "I am confident in my abilities" or “I can do this” Repeat this affirmation several times to help your brain focus on the positive. 2. Visualize success. Close your eyes and imagine yourself succeeding in a specific task or achieving a goal. This visualization can help activate the RAS and encourage your brain to focus on the actions that will lead to success. 3. Set clear goals. Identify specific tasks or goals for the day, and break them down into smaller, achievable steps. This will help you stay focused and motivated throughout the day, and give you a sense of accomplishment as you complete each step. 4. Use positive self-talk. Throughout the day, use positive self-talk to reinforce your affirmations and keep your mind focused on the positive. For example, if you're feeling stressed, repeat a calming affirmation like "I am in control of my thoughts and feelings" or "I can handle this situation with ease." By using positive affirmations and activating your RAS, you can have a more productive and fulfilling day. M4C can help you develop strategies to improve your focus and productivity, and achieve your business goals. Contact us today to learn more.
What we value and hold dear, shapes what we believe to be true, those beliefs become the lens through which we view the world and drive our behaviours.... what our team believes to be true about us comes from the behaviours they observe.
The 70-20-10 approach to professional development is a popular framework that suggests that professional development should be composed of 70% on-the-job experiences, 20% feedback and coaching, and 10% formal training and education. 70% On-the-Job Experience: On-the-job experiences provide real-life opportunities to apply what you have learned and gain practical experience. This type of learning is essential in developing skills, increasing confidence, and acquiring new knowledge. M4C can help provide guidance and support to ensure that on-the-job experiences are meaningful and productive. 20% Feedback and Coaching: Feedback and coaching are essential components of professional development as they provide valuable insights and help individuals identify their strengths and weaknesses. With regular feedback and coaching, individuals can continue to improve their skills and grow in their careers. M4C provides experienced and knowledgeable coaches and trainers who can help individuals receive constructive feedback and develop the skills necessary for success as well has helping line managers to acquire the key skills to provide better quality feedback and hold coaching conversations. 10% Formal Training and Education: Formal training and education are also important for professional development. They provide structured opportunities for individuals to learn new concepts, theories, and practices that can be applied in the workplace. Formal training and education can also provide individuals with the opportunity to earn professional certifications, which can help to advance their careers. M4C offers a range of training programs designed to meet the needs of individuals and organisations, including leadership training, sales training, and more. We can also mentor candidates that are following an apprenticeship programme e.g. Leadership & Management Level 3 & Level 5 programmes. The 70-20-10 approach provides flexibility for individuals to choose the type of professional development that works best for them. It allows individuals to focus on the areas where they need the most improvement and provides opportunities to learn in a variety of ways. M4C offers a range of coaching and training options, including in-person, virtual, and online, to ensure that individuals have access to the resources they need to succeed. Continuous Improvement: The 70-20-10 approach is a continuous process that provides opportunities for individuals to grow and improve throughout their careers. It helps individuals to stay current with industry trends, technology, and best practices, which can lead to increased job satisfaction and career advancement. M4C provides ongoing coaching and training to ensure that individuals continue to develop their skills and reach their full potential. In conclusion, the 70-20-10 approach to professional development is a well-rounded and flexible approach that provides individuals with opportunities to learn and grow in a variety of ways. M4C can help individuals take advantage of this approach by providing experienced coaches, trainers, and a range of training programs. By combining on-the-job experiences, feedback and coaching, and formal training and education, individuals can continuously improve their skills and advance their careers.
The benefits of working with a business advisor
It's been a year without comparison for us all due to the pandemic, if you haven't been touch by the virus, then without doubt your life and business will have been touched by the containment measures that have been taken by government. You may or may not have been able to receive some mitigation from the raft of support packages put in place. Your business may or may not have delivered the results you had planned for in terms of hard £ metrics, but what condition are you, your people and your business in to face 2021? In your appraisal of 2020 make time to consider not only how your £ capital has fared but importantly how your human capital has fared. Hopefully throughout the year you have managed to stay close to your people & teams, never accepting that working remotely being on furlough meant becoming remote & distant. It's well researched and documented that humans thrive when they have a sense of purpose, feel they are part of something bigger than themselves and their contribution is valued. In the VUCA (volatile, uncertain, complex & ambiguous) world that we live in creating & communicating a clear vision for your organisation, so that every team member can feel a part of something bigger, have a sense of purpose and know that their personal contribution is important - can provide greater certainty and improve well-being as well as performance. In your review of 2020, how well did you keep people engaged, informed & feeling that they had a purpose & a valuable contribution to make to the business? Were they included in shaping new plans & ways of working... or did time pressures mean that they weren't consulted as you would have liked? Were the decisions & the communications that you made truly consistent with the vision, values & culture of your organisation that you are striving for? If you believe they were intended to be ... have you checked that's how they were received? Do you have the courage to find out & can your people let you know the truth without fear of repercussions? These are some of the searching questions that you might need to ask & answer. How can you set up your people, teams & business up for a successful 2021, harnessing all the learnings of 2020, to be a more resilient organisation, better equipped to withstand the challenges ahead? Does your organisation have the neurodiversity (or if yours is a micro business are you) to effectively put in place systems & processes to mitigate the damage caused by negative events (business continuity planning). Are you working to optimise current operations to eek out a competitive edge versus the competition or to secure and additional % point of margin (continuous improvement/lean thinking). Are you spending time & resource on imagining new futures and creating new products & services to satisfy the needs of customers or to solve the problems that exist in those new futures? (Creating / innovating) and are you empowering your people and teams to deal with the challenges of today from your existing markets, responding to customer feedback, reacting to competitive pressure & threats, are your team effectively deployed, empowered, engaged & equipped with the tools & tactical thinking to maximise the return on the moment. (empowered teams) M4C is working with businesses & leaders, helping them to assess their organisational resilience, create more robust plans & strategies for the future. Coaching leaders and owners in creating and communicating their vision & roadmap for the coming years & to build the capacity to deliver the vision.