Last Updated on Mar 12, 2020 by James W
Many times, people with excellent products and services fail to break even, let alone make profits. For many of these people, there are a myriad of reasons why they are unable to produce the results they so desire and deserve. Unfortunately, the emphasis is usually on external factors instead of internal factors.
The reality is this: if you are not making as much as you should and have a truly great product that is better than what is available in the market, then you are selling yourself short. Solving this problem requires you to identify the root causes first. This will help you spot the things responsible for holding you back and allow you get to work fixing them.
Not Understanding Important Outcomes
Understanding your key outcomes and unique advantage will often help you realize why you should get paid more than you are currently earning. You see, companies and individuals who have this problem usually know and may have even heard from their clients and customers that they have a superior product and service.
Yet, they do not know how their products and services are superior. You can fix this by just asking your clients what sets you apart from the rest or compare your business to the top competitors and identify what you have that they don’t.
Uncertainty Regarding Your Value
Your business’ value is often largely determined by you. If you undersell and are not aware of the value you bring to the marketplace, the reality is that you will not be taken seriously. Understanding your value is key.
How are you delivering better products and services? Can your competition compare to your goods and services? Why do your clients and customers love your products and services? Identifying these key points and answering them will provide you with the answers necessary to allow you shore up and realize your value.
Fear of Selling
Like it or not, you must learn how to sell. Whether it is cold-calling prospects, buying leads or knocking on doors, selling a crucial soft skill that you must acquire. If you are afraid of the rejection from your sales pitches, you will never earn as much as you are worth.
Remember this: selling is influence; not manipulation. You are bringing something awesome to the table. Let your prospects know why your product and service is awesome. If they do not get it, don’t wory about it, just move on. The more you try to sell, the better you’ll get at it. Don’t take rejections personally, not every prospect is going to be receptive afterall.
No Idea About The Man Hours Required
If you do not know how much time you are supposed to spend on a project, how can you bill your clients accordingly? This is why you must track your man hours using tools like Scoro. This way, even if you have not done that particular project before, you can take a look at past projects on your Scoro app and then make projections from that.
Remember that time is money. If your team expends a total of 50 manhours on a project, and their average wage is fifteen dollars per hour, then time alone cost you $750 before all other expenses are factored in. Remember that your time is worth something as well, and ultimately you want your business to turn a profit.
Fear that People Won’t Pay What You’re Worth
This is one of the saddest reasons why people get underpaid frequently. Being afraid that people will not pay you your worth is a terrible thing. It cripples you and causes you to settle for less. There’s a reason for the aforementioned points. If you can fix these issues, you will not be scared to ask people to pay your worth.
In case you did not know, here’s some food for thought: people, businesses, and organizations tend to take higher priced products and services more seriously than the cheaper ones. Whether they are actually as good as their pricing as another thing entirely. It is all about perception. A cheap product says I am worthless or not worth much. An expensive one says only the best can afford me. Think about that.
Once you can figure all these out and fix those issues, you’ll be amazed at how much you will command for your products and services. Apply these tips and you’ll see some great results.
Author Bio:
The writer, Oscar King, manages his own small business, and after years of breaking even he took a good hard look at his processes and raised prices. He managed to earn a modest living as a result of his endeavors. If you wish to learn more about Oscar you can visit on Google+.
