Practical Applications: BizBit #4 - Understand Your Value
When I say to "understand your value" I'm not referring to intrinsic value, but hard tangible verifiable value.
For example, my wife and close friends may think my advice is priceless, but in all reality it has a real value. That value was determined by assessing the market and comparing services and prices offered by other consultants with a similar track record and experience. Another bench mark I used was attorneys, they have a cut a dry fee structure. However, since I'm not an attorney I had to come in under what they charge for similar services.
Once you've done the research to establish a value you know what is fair. This way you're better equipped to defend your cost point if necessary. You also have better bench marks with regard to offering sales and discounts to favored customers, etc.
In closing, understanding your value keeps you grounded and helps to maintain proper perspective. With a clear grasp on your value you won't price yourself too high so that you're out of the market, but you won't sell yourself to cheaply out of ignorance.
Understanding these important points will help you navigate your way to future success.
H2B
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