486: Are You Charging Enough? Why You Should Raise Your Prices

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 486, And It's About Are You Charging Enough? Why You Should Raise Your Prices</strong></span></h1> <p><span data-preserver-spaces="true">There comes a time for every small business to raise its prices. While it may seem scary, remember that it's your job to keep costs fair for you and your customers. That means you have to charge prices that work for you and allow you to remain in business. </span></p> <p style="font-weight: bold;"><span style="color: #0600ff;">Am I Not Charging Enough?</span></p> <p><span data-preserver-spaces="true">Knowledge leads to profits and cash flow. What makes knowledge powerful? Use of knowledge. In this cutthroat construction industry, you may not be able to outgrow your competition forever, but you can always outlearn them.</span></p> <p><span data-preserver-spaces="true">Knowing The 80/20 Rule For Construction Contractors will surely help:</span></p> <ul> <li><span data-preserver-spaces="true">20% of your customers typically generate 80% of your net profit </span></li> <li><span data-preserver-spaces="true">20% of the goods or services you sell contribute 80% of your revenue</span></li> <li><span data-preserver-spaces="true">20% or 2 out of 10 of your staff create 80% of the value for your customers</span></li> </ul> <p><span data-preserver-spaces="true">The frightening consequence of the 80/20 rule is that 8 out of 10 hours we spend at work drive almost no value to the bottom line, and the most significant drain is trying to save money doing our contractor bookkeeping instead of reviewing the </span><a href= "../../../reports-for-your-construction-company/?hsLang=en" target= "_blank" rel="noopener"><span data-preserver-spaces="true">Key Performance Indicator (KPI) Reports</span></a><span data-preserver-spaces= "true">. </span></p> <p><span data-preserver-spaces="true">The essential value </span><span data-preserver-spaces="true">good bookkeeping</span><span data-preserver-spaces="t