Pay Me: Lessons from Adam Savage

Everybody wants to get paid, and to be fair, in an ideal world, I wouldn’t be writing this article. People, businesses, and those in between should receive timely and accurate payments. But that’s not the world we live in. So here’s six things I try to instill into every company I work with to ensure they get what they deserve.

1. Understanding Your Value

One of the first steps in getting paid as a business owner is knowing your value. Be clear about what you can offer and why it’s valuable to your customers. This involves:

• Identifying Unique Selling Points (USPs): What makes your product or service stand out in the market?
• Communicating Value: Ensure your customers understand the benefits of your offering. This is where your marketing and communication skills come into play.

One of my heroes, the amazing prop designer and generally exceptional human Adam Savage emphasises the importance of knowing your worth: “If you don’t value your work, nobody else will.” This sentiment is crucial for business owners who often undersell their services or products.

2. Setting the Right Price

Pricing your products or services correctly is a balancing act. Set your prices too high, and you risk scaring off potential customers. Set them too low, and you undermine your profitability and value.

• Market Research: Understand what your competitors are charging and how your pricing compares.
• Cost Analysis: Ensure that your pricing covers your costs and includes a margin for profit.

Back to Adam Savage again, “You have to be honest about your costs and make sure you’re not just covering them but also making a profit.” This approach ensures sustainability and growth.

3. Efficient Invoicing and Payment Systems

Implementing efficient invoicing and payment systems can streamline getting paid. Consider:

• Clear Invoices: Ensure your invoices are detailed and easy to understand. Include all necessary information such as due dates and payment methods.
• Automated Systems: Use accounting software to automate invoicing and payment reminders. This reduces the administrative burden and ensures timely payments.

Savage’s advice here is practical: “Automation is your friend. The less time you spend chasing payments, the more time you can spend growing your business.”

4. Building Strong Client Relationships

Strong relationships with your clients can lead to more consistent and reliable payments. Here’s how to cultivate these relationships:

• Open Communication: Keep the lines of communication open with your clients. Address any concerns they have promptly and professionally.
• Delivering Quality: Consistently deliver high-quality products or services to build trust and loyalty.

As Savage puts it, “Your reputation is everything. If your clients trust you, they’re more likely to pay you on time and continue doing business with you.”

5. Offering Value-Added Services

Consider offering value-added services that can justify higher pricing or additional fees. These can include:

• Premium Packages: These packages offer premium versions of your products or services with additional features.
• Consulting Services: Provide consulting or advisory services that complement your main offerings.

6. Negotiating Contracts Wisely

Effective negotiation skills are essential for securing favourable terms and ensuring you get paid what you’re worth. Key tips include:

• Be certain that your contracts clearly express the terms of payment, what is expected to be delivered, and the deadlines to meet.
• Upfront Payments: Where possible, negotiate for upfront payments or deposits to secure your income.

Savage’s take: “Never underestimate the power of a well-negotiated contract. It’s your safety net.”

7. Leveraging Free Strategy Sessions

Incorporate free strategy sessions to show your expertise and build a pipeline of paying clients. This is what I do:

• Offer a Free 30-Minute Mastermind Session: Use this session to showcase your value and identify opportunities to work together.
• Convert Sessions into Paid Work: Follow up with tailored proposals based on the insights gained during the session.

As a lead consultant of a five-star Google review consultancy, I have seen firsthand how offering free sessions can lead to significant business growth. It gives potential clients a chance to see the value you offer without having to commit right away, increasing the chances of them choosing to use your services.

Getting paid as a business owner requires a strategic approach that encompasses understanding your value, setting the right prices, implementing efficient systems, building strong client relationships, offering value-added services, negotiating wisely, and leveraging free strategy sessions. By following these steps, you can ensure that your hard work translates into financial success.

Remember, the goal is not just to work hard but to work smart.

If you want to see how all of this works then allow me to follow tip number seven in this article - book a free consultation here.