How to Stop Wasting Money on Monthly Retainers and Increase Your Profit Margin

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Издатель Apr 20, 2024

Are you a service provider who charges monthly retainers for your clients? If so, you might be losing money without even realizing it. In this video, I’ll show you how to avoid this common mistake and make sure you’re getting paid what you deserve.

First, put a reminder on your CEO calendar every month to review your retainer contracts. This will help you keep track of the scope, deliverables, and expectations of each client, and avoid scope creep or undercharging.

Next, calculate your direct costs for each retainer project. These are the expenses that you incur directly from working on the project, such as labor, materials, software, etc. You need to know your direct costs to determine your profit margin and break-even point.

Finally, compare your billings to your costs and see if you’re making a profit or a loss on each retainer. If you’re losing money, you need to renegotiate your contract, increase your rates, or drop the client. If you’re making a profit, you need to make sure you’re delivering value and satisfying your client.

By following these three simple steps, you’ll be able to optimize your monthly retainers and avoid losing money. Watch this video to learn more and don’t forget to subscribe to my channel for more tips on how to grow your small business. Thanks for watching!

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