Are you undercharging?
Making sure you’re not undercharging!
Are you confident in your prices? Are you unsure if you are undercharging? Being a small business and determining your price can be one of the most challenging parts of business. Especially in the current market conditions, industry prices across all markets seem to be increasing, but have you?
Below are some indicators that could be a sign that you are undercharging:
1. You have a high acceptance of quotes with minimal queries on prices
2. You are running at capacity but do not have the financial means to afford assistance
3. Your prices have not increased in the past two years
4. Client’s do not see the value in your service
If you feel that these signs could relate to your business, we highly recommend conducting market research with competitors in your industry to give you an indication on what they are charging so you can use this as a point of reference whilst reviewing your product/service prices.
If you would like assistance or help, please contact Santi Accounting.