Put Your Prices Up!
The theme of my week this week has been very much around putting prices up and getting paid on time.
At the networking group I host, our quirky question for the week was about which laws members would pass if they were in Government. Yes, we dared to mention politics and the world didn’t end! 😮
Lots of people talked about making sure small businesses get paid on time, and not being hammered down on price by bigger businesses.
And at a different networking lunch on Wednesday there was lots of talk about people putting their prices up. Partly because I’d recently had 1-to-1s with 2 of the members and told both of them that they were massively undercharging. So those prices are definitely going up! 😁
Price rises is definitely one of my favourite subjects. And that’s partly because it’s so many people’s least favourite subject.
Talking about putting your prices up can feel icky can’t it? And I know some people find it really stressful.
The simple truth though, is that undercharging will massively hold your business back. Whereas putting your prices up so that you’re finally charging properly is one of the fastest ways to improve your cashflow.
Perhaps I should add here that I‘m not a person who just tells everyone to double their prices every 5 minutes or charge whatever you can get away with and don’t give a monkey’s if it’s actually worth that much. (Which part of the monkey is it that we’re supposed to give there by the way? And idea?? 😂)
But I do believe that you should charge the right price to reflect the quality of the service you deliver. You deserve to be rewarded fairly for the amazing work you do!
I can genuinely say though that most small businesses are undercharging. And more often than not, they know they’re doing it.
Does that sound familiar?
Maybe you worry that people will think you’re a shark if you charge more.
Or you’re concerned that times are tough, and some people might not be able to afford a higher price.
But that’s where the other geezer down the road that has less experience, skill (and probably overheads) than you can do it cheaper, so everyone still wins.
Or you worry that customers will cancel if you nudge their price up even though they’re getting massive value from your work.
There are loads of reasons you can convince yourself to hold back from putting your prices up.
But you’re holding your business back if you do that.
So … here’s a speedy video to explain exactly how to plan and manage regular price rises with your customers so that’s it’s done easily and professionally and with minimal ick!
Please have a nosy and see what you can implement in your own business to boost your cashflow.
And of course, if you watch the video, realise you absolutely definitely need to put your prices up but still feel bamboozled about how much by or how to do it, then my One-Hour Strategy Sessions are the perfect chance to work through all of that together and create a really simple plan to make you loads more money! You can book yourself straight into my diary right here. And think about it – the session will pay for itself as soon as you take action on those price rises so it’s really free 😉
