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Undervaluing Your Work | Construction Insider

Undervaluing Your Work | Construction Insider

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Don’t focus on being the cheapest! There is always someone who is willing to do the work cheaper than you. A lot of companies find themselves competing on price like it is the only thing your potential clients are thinking about, but in fact, your clients directly link a high costing product/service with quality.

We have seen hundreds of businesses undercharging for their work and barely making it though, this is a trap, once you lower your prices you will struggle to bring them back up, you will just keep lowering and lowering until you can make ends meet.

So why do businesses undervalue their work?

“I would not get as much work”

You can easily work less and still receive the same amount of money. This means less stress, fewer jobs and the job at hand receives a higher level of work.

“I am not sure that my work is worth that much”

Imposter syndrome is the internal experience of believing that you are not as competent as others within your industry, this happens to everyone and is a normal emotion. The best way to fix it is to realise it exists and to believe in yourself.

Failure to realise that prices are too low will result in problem clients finding you. Your prices reflect your value and expertise within your industry. If you undercharge your services you are sending the direct message of what your services are valued at.

Thinking you will get more clients with a cheaper service is a straight path towards disaster, you will see that people who are cheap / underpay you are often the ones who do not see the value in your work and will end up constantly belittling you, refusing to show respect and so on.

How do I charge a higher price for my services?

1. Understand the quality that you deliver and charge the price that your work is really valued at.  

2. Charge for the experience and education you have gained over the years, not the cost of materials.  

3. Overcome any mental blocks that are making you believe that you are not “worthy”  4. Focus on other marketing mediums other than word of mouth.  

5. Develop stronger boundaries and self-respect. Learn the art of saying “No” - Know what your time is worth and respect that.  

6. Start taking on high-quality clients only.

Get in touch with your business development manager today if you want to talk about your pricing!

This article was written for Saint Financial Group, a multidisciplinary group based in the UK that helps construction businesses develop and grow. SaintFG offers a range of quality solutions in supporting businesses.

Saint provides the luxury of free business consultancy for of our clients, call now for your free consultation with a friendly business advisor to discuss your burning questions and put that energy back into your business!

SaintFG

Written by:

Michael O'Rourke MAAT

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