Chapter 29 - The End

Thanks for joining me on my journey. If you missed the previous chapter, you could read Chapter Twenty-Eight,?"The Beginning of the End".

(If you are joining us for the first time, this newsletter roughly follows the timeline of my business from the beginning to the present, and we are now at the end of that journey.) ?? ??

The End

After over a year together, you and I have finally reached the end of our journey (if you don't count the bonus chapter in a couple of weeks).

In the last chapter, we discussed the first six months of Year Fourteen (my current business year), and this chapter looks at the final six months.

(My tax year is April 1st - March 31st.)

We ended the last chapter discussing price rises, which is where we pick up in this chapter (among other things.)

Picking Up Where We Left Off

In this chapter, I said we would discuss the following:

1. More on pricing changes.
2. Losing and gaining clients.
3. ITI again.
4. And possibly, bringing this newsletter to a close.

Let's answer Point 4 quickly. This is the end of the newsletter (except the bonus chapter in just under two weeks.)

Now we can talk about the rest. ??

1) Pricing Changes

Raising your rates is always tricky for existing clients, especially during the last couple of years with COVID-19 and a subsequent Cost of Living Crisis.

The key is good communication;

• Keeps things simple
• Keep things clear
• Give notice (one/two months is enough)

Some clients won't be happy and might leave; others might not but will understand and will stay but perhaps have to reduce budgets.

Whilst others won't bat an eyelid.

The critical thing to remember is that if you do lose clients, it's OK.

It can even be a good thing.

If the time does come to part ways, do so gracefully and with thanks.

" You never know when you might work together again or whom they may refer you to. But that won't happen if things end on bad terms. "

Please do everything possible to make that transition smooth and help them get needed support.

(Sometimes, the client is wrong, but you should still do everything you can, even then.)

2) Losing and Gaining Clients

When raising your rates, you always run the danger of losing clients. For me, it's been quite the opposite.

Due to pricing increases, I have only lost one client in the last three years (and two clients ever).

Normally I get words of encouragement from a client or two saying they are more than happy due to the value they get from my services. ??

I did lose two clients this year, but these were not "rate increase related".

One was amalgamating their business website into their eCommerce website, and the other re-platformed.

However, I gained three clients this year, which was great.

(Remember, we don't want to rely on whales.)

3) ITI Again

In the previous chapter, I mentioned that this year began with hope as I was a consultant again for ITI on the Digital Sales Supports programme.

Sadly, I didn't get any work from that programme (there are a couple of reasons for that, and I'm partly to blame). However, I am now a consultant on the Advanced Programme.

This programme looks more promising to me, so keep your fingers crossed. ??

Revenue Review

In the last chapter, I mentioned;

" The first six months of this year were tougher than expected, with revenue down 22% from the same six months of the previous year. "

The second half of this financial year (March 31st) will end at 34%, down from last year.

This is due to three factors:

1. My rate increase for existing clients has not been in place long enough to see the impact.
2. Whilst my expenses are down 36% ??, my costs are up 108% ?? (just madness because of things like this).
3. Clients have reduced their budgets.

A total of 27% down compared to the previous year and increased costs could be better, but who knows what Year Fifteen in my business will bring? ??

I have a few thoughts (but I won't share these here).

The Future

Am I worried about the future?

" Nope, not right now, but the next twelve months will be tough for a lot of us. "

I have planned some exciting things I have been working on for the last six months (and I need to overcome the fear of failure).

Those of us in business that survive the next twelve months will come out stronger and more resilient, but inevitably there will be casualties.

So, I will leave you with this;

" Be kind to each other, support each other and remember we are all in this together.

Some of us will need to be picked up, and others will have the choice and privilege to do the lifting.

Lighten the load when you can, and don't make it any heavier ".

????

For the Final Time..."Until Next Time"

If you enjoyed this chapter, please?like and share it?or drop a comment below ??

" Your support?has meant a lot?to me?and has helped grow this newsletter. "

Chapter Thirty (the bonus chapter) drops on April 11th.

In the bonus chapter, I will explain more about why I am shutting down this newsletter (for now), some tips/tools and my final thoughts on this newsletter and running my own business.

Happy weekend everyone!

Simon

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