Are you charging what you are worth?

One of the most baffling questions that entrepreneurs encounter while venturing into a new business is about how much they should charge for their products and services. While it is true that rates lower than the market value can quickly attract eyeballs and boost the business help, it is equally true that going too cheap on prices can make your business look low-end. The line between “affordable” and “cheap” is evidently too thin.

In the corporate world, rates define brand values. Customers choose to buy your product after considering what it is worth. Therefore, it is essential that your rates be at par with the quality of your product or service.

How do you know whether you are charging what you are worth? Here are four tips to consider:

• Evaluate yourself: If you are proficient at getting some work done without much effort, it may seem impossible to believe that someone would really pay you good sums for that work. This is simply because you haven’t realized your value yet. To charge what you are worth, you must first know what you are worth. Ask your clients for feedback, have a look at your past successes and you will soon know that your product/service is worth much more than what you think.

• Watch your competitors: Compare your prices with those of firms that equal yours in experience and expertise. If your prices are much lower than the market value, chances are that customers will think your product/service is less valuable than the others.

• Focus on development: With the zeal for development your product’s value grows. Customers will gladly pay more for high quality products and services.

• Seek reliable business help: Resolve your pricing dilemmas by approaching a trustworthy business advice firm.

Drudgery: The Silent Killer of Many a Business

Have you ever encountered that fresh intern that comes in all eyes-gleaming and ready to give his best but eventually becoming sullen, unmotivated and really darn lazy in a matter of weeks? Many business owners and HR managers lay the blame on the individual, citing a lack of perseverance or some other character defect.

But is this practice sound business advice?

Drudgery, aka boredom, is something that inevitably creeps up in any business and can slowly, silently, rot a business from the inside. Bored personnel tend to get less work done, take more leaves, avoid thinking creatively, grumble more, constantly think about leaving, and generally start trouble in the workplace.

The worst part, however, is that many business owners think that boredom is something many managers don’t address. All they see are the symptoms of boredom – loss in productivity, hostile worker relationships, high turnovers and everything else that goes with it. They then apply band-aid solutions that do not address the root of the problem.

This is why our business success training focuses so heavily on inspiration, creative thinking and most importantly, challenging limits.

We want to banish the thinking that work is tedious, menial and something that you have to ‘get over with’ so that you can get a paycheck at the end of the day. We want people to see their work as something meaningful, inspiring, and challenging in a way that they will actually want to give their all.

So the next time you see an employee slacking off and being unproductive, try asking yourself “how can I make work exciting, meaningful and important for this person?” You’d be surprised at the answers you can come up with on your own!