Welcome to this week’s blog.
Today, I wanted to look at the old comment out there, I have competitors who offer the same service or product at a cheaper rate than me, they always undercut the competition which makes it difficult for others to survive.
I just wanted to reassure everyone, this is normal in a lot of Businesses, especially in the service industry although can happen in retail and products.
However in keeping in mind the ones who do this, and always undercut their competition, often over time they won’t survive, or they rack up a large debt etc, but often whichever it is they will eventually go out of Business.
If you are one of the many businesses who are doing on business based on price alone and thinking you need to compete with the competition, in order to get the client, then you 2 won’t be doing well in a year or two.
Next month is the time to stop operating this way and set your prices to the Value in which you place on your knowledge and expertise in the industry in which you have chosen to operate in. Remember you have probably taken years to learn your craft either through on the job or training and qualifications neither which are cheap.
As a note your service/ Product is worth as much as anyone is willing to pay for it, and what value they see in what you are offering.
Now you have taken the time to set your new prices whether you have done this on your own, discussed it with your Accountant, mentor, coach, it is now time to start marketing this to your potential clients.
Think about what do you do which is different from your competitors, why should clients choose you rather than others in the industry. Do you need to add anything else to what you do to add the value, e.g. a industry-based report, a better reporting template, etc.
So what are you waiting for, now is the time to review your prices, look at your packages, hourly rate whichever you use, work out what you need to do different is anything. Update your website, your advertising material etc, and get out there and promote your business with the new motivation and direction you have.
Check your terms and conditions and change them if you need, minimal due dates on invoices, refund policy in line with consumer law, include an annual price rise at the start of the Financial year, then it is an automatic increase.
Thank you for taking the time to read my blog and good luck, happy business.