Yesterday I read a news story that wages aren't keeping pace with inflation, and when I heard the word "wages," I had a flashback to the bad ‘ol days in corporate.

I remember that life. Working my tail off all year, hoping I'd sit down with my boss and get maybe, if I was fortunate, a 5% raise. Usually it was two or three percent, given with compliments. "You're doing great. All we can afford is three percent." I’m not blaming the bosses, they gave what they could and I was grateful to receive it.

Today’s situation is pretty rough. Real wages are down 0.3% from last year. Energy prices alone were up 3.8% in a single month. That means someone on a salary who received a 3% raise isn’t keeping pace with inflation - they’re going backwards.

Here's my gratitude today: We’re entrepreneurs. We don't have a wage. If we want to make more money, we have the opportunity to go earn more. And more on the bottom line can come in two ways: Increase Revenue or Cut Expenses. You could cut the software you aren't using. Trim contractor hours or increase AI usage. Negotiate with our suppliers, and if they won't play ball, find new ones. Go to the website and press one button to raise your rates. And, of course, you can win more customers by meeting more people and asking them for business.

We are in complete control of our destiny. It’s a blessing and a curse. Let’s lean into the opportunity so we can outrun inflation and take care of the family.

Tweet of the week

Today’s Sponsor

I Can’t Describe My Business In One Sentence

An Idea Slam question from this week: "I've been in business eight years, and I can't describe what I do in one sentence. Is that a problem?"

Yes. That’s a huge freaking problem. 

I'll assume if you're in this situation, you're smart, you're competent, you actually deliver for your clients, and you deliver so much value you don't even know how to describe it. Here's where we get tripped up. We love to talk about HOW we do things. I do regression analysis, I run research and surveys, I interview stakeholders, I do X, Y, and Z. 

The problem with all of that: Nobody cares about your how.

I get in trouble for this one, but I'm also pretty sure they care about your WHY either. Sorry, Simon Sinek. 

The only thing a potential customer cares about is WHAT. What's in it for me?

Barbara Fausett was on the show talking about the five parts of a P&L most owners miss. But the only sentence I needed from her was, "I'm gonna help you not stress about your books so you can have more money in your bank account at the end of the month." Thank you. Please drive through.

Work on explaining your WHAT to your potential customers and you'll find it so much easier to talk about your business with potential clients. You’ll even be able to get it down to one sentence.

Today’s Sponsor

#SBOC26 is ON SALE NOW!

The 6th annual SBOC Conference sponsored by Athena Legal Solutions and Money Masters Bookkeeping is on sale now: event.smallbusinesscommunity.com/26conference.

We're locked in for September 15-17 at the Brookfield Sheraton, with a hard cap of 200 tickets available. It’s so exciting to see the room already filling fast.

Mike Michalowicz is on stage with his new book The Money Habit, and eight more speakers are running working sessions on AI, lead generation, SEO, legal protection, and what it actually takes to own a room.

We've also got the AI Super Session, the Idea Slam Lunch, the 3rd Annual SBOC Awards, and the Steak and Champagne Celebration Dinner and so much more.

Stop building your small business by yourself. Don’t Grow it Alone®

See you in September.

Now, GO SELL SOMETHING!

Pat