Currently there is too much money in the market chasing too few goods. In other words, for many businesses there is too much work and not enough people or resources to do it!
We are seeing businesses that are fully booked well into next year. The challenge with this is that the price of materials and labour keep going up, making it difficult to price jobs correctly. Many business owners know logically that they need to put up their prices, but are not sure by how much and when.
Here's some food for thought, your potential clients and customers are paying the price of what you are charging and the delay in you getting started. How many people would be prepared to pay more if you could start and finish their job sooner? Now is the time to make sure you are doing the right work, for the right people at the right price. Now is the time to be maximising your profit.
After every boom there is a bust and over the last year in particular, we have experienced a booming market. You can be sure of two things; a bust is on its way and it’s always better to go into a “bust” with good financial reserves. Be nimble, be ready to adapt to the changing markets and get really good at communicating the value you can deliver. Remember price is what you pay, and value is what you get. Price accordingly.
We have developed 12 Questions to Ask Your Potential Business Coach to make it easier for you to find a good coach and a coach that is right for you.