Undercharge!
One of the biggest mistakes I see business owners make is treating pricing as a one-off event.
They wait until they’re feeling frustrated, overworked or wondering where all the profit has gone before they finally decide it’s time to review their prices. By then, the problem has usually been building for months, if not years!
What if there was a better way?
Well, over the last six weeks we’ve explored pricing from lots of different angles, but if there’s one idea I’d love you to take away, it’s this … don’t become someone who’s good at occasionally putting their prices up.
Become someone who builds a business where undercharging is much less likely to happen in the first place.
The difference is surprisingly simple. It’s all about creating a Pricing Rhythm.
I talk a lot with coaching clients about creating rhythm in business because rhythm removes friction. When important things happen regularly and naturally, they stop feeling difficult. And pricing is no different. Instead of waiting until something feels wrong, build regualar pricing reviews into the way your business operates.
For example … mention in your onboarding that prices are reviewed periodically, and confirm that in your terms and conditions. Carry out a Commercial Growth Review as part of your annual planning, and keep an eye on the things that should naturally trigger a review, such as a change in your service, your expertise, your overheads or the amazing value you’re creating for clients.
Most importantly, keep coming back to one simple question: is this still a fair exchange of value?
If the answer is yes, you’re probably in a good place. If the answer is no, you’ve identified a commercial decision that needs your attention before it becomes a bigger problem.
Pricing doesn’t need to feel awkward or emotional. When it’s built into the natural rhythm of your business, it becomes another sensible commercial decision that helps create a business that’s both profitable and enjoyable to run.
