In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks with the Founder and President of The Block Group, Patty Block .
The Block Group works with women business owners to understand dynamics in their business and shift their mindsets to generate more revenue with less hassle. The Block Group primarily works with accountants, attorneys, engineers, marketing or public relations professionals, and the elder care industry. Patty explains that in women owned businesses, women undervalue themselves, the work is often underpriced and the services are over delivered which causes limits within a business. Patty explains this as the broken cookie effect and works with her clients to beat this effect. Some of the consequences of not having enough of a profit margin in a business are the inability to hire more individuals, the inability to help clients to businesses' fullest potential, and resources becoming limited.
Patty explains that there is a fear in women owned spaces to change things in the business that could create conflict. The way to fix some of the issues associated with the broken cookie method is to evaluate pricing. This can be done through testing to see how clients will react to different pricing options to find the best option. Patty explains through The Block Group, they will help individuals build their confidence when they speak on their business and pricing to no longer be fearful of asking what they deserve for their services. Pricing can affect the view of a business because the typical mindset is to view low pricing as low quality. Patty explains that the mindset needs to be more aligned with what you value and are looking for. Patty works with clients in many ways, one being an outsourced chief operating officer to help clients build their company and even exit their company.
Key Points from the Episode:
- What The Block Group does and who they work with
- The broken cookie effect
- The consequences of not having enough profit margin
- How to work on fixing the broken cookie effect
- How pricing can affect a consumer's view of a businesses quality
- How Patty works with clients
About Patty Block:
Patty Block teaches women business owners who are experts in their fields how to turn up their power to price, sell and run their business on their own terms. This means fine-tuning their operations and scaling their revenue for strategic growth. As their trusted advisor, she brings a unique perspective, having experienced and solved many of the same complex issues women face, as leaders, moms, daughters and sisters. Forming a partnership of unbiased accountability, she helps women position their companies--financially, operationally, technologically--for game-changing results. Patty raised three fantastic kids, all of whom are business owners and also work in Patty’s company (she essentially raised her own workforce!)
Want to learn more? Check out The Block Group website at https://theblockgroup.net/.
Check out The Block Group on LinkedIn at https://www.linkedin.com/company/theblockgroup/.
Check out Patty Block on LinkedIn at https://www.linkedin.com/in/pattyblock/
Check out Patty Block on Facebook at https://www.facebook.com/patty.block/
Check out The Block Group on Instagram at https://www.instagram.com/theblockgroupinc/
Check out The Block Group on Twitter at https://twitter.com/TheBlockGroup
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