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Hi to all my friends.
Sometimes it's hard for me to decide which forum to post an article in. The one I have for you today is about money, all right, but even more it's about recognizing your worth. So I decided it belonged here.
It was timely for me because I've been struggling with deciding whether or not to raise my prices or change my business model in my real estate business. I hadn't even considered the aspects that the author is bringing out, but they certainly resonated with me. Hope you enjoy it.
Cheri
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When To Raise Your Prices, Without Feeling Evil About It
Copyright © 2006 Mark Silver
Heart Of Business
http://www.heartofbusiness.com
There are many legitimate reasons to raise your prices. But, you
need to think about more than just yourself here. That's right,
raising your prices can actually be an unselfish act, done in
deep service to your customers. Your customers may be missing
out on important benefits to themselves if you don't raise your
prices.
WARNING: The benefits ONLY APPLY IF the higher price is coming
from a place of truth and integrity in your heart. Simply raising
your prices will not automatically create these benefits.
The Big Authentic Benefit of raising your prices is that your
customer gets more out of your product or service, simply by
paying more. How can this be true?
Whatever you are selling is meant to help change or transform
your customers in some way, to make their lives better. Whether
you are selling oatmeal, accounting, or Reiki, the reason you are
in business is that you want to see your customers/clients doing
better, feeling happier and/or being healthier in some fashion.
Unfortunately, the truth is that you don't have the power to
change anyone. You already know this from experience. True change
comes about when people commit to change, they take it on. It
could be a commitment to eating oatmeal instead of pastries for
breakfast. It could be a commitment to a healthy relationship
with their finances and their accounting. Either way, it's the
customer's commitment that is responsible for the amazing results
you can create with them through your business.
Strange But True
An acupuncturist client I worked with saw her clients get well
more quickly, as a result of higher prices. One reason may have
been that, in general, the clients more consistently followed
through with what she told them to do between sessions, because,
heck, "I'm paying enough for this, I probably should do what she
tells me."
This also functions on far more subtle levels. I happen to
believe that when the Truth is present, miracles happen. Part of
the Truth is you, in generosity, giving to your customers. Part
of the Truth is admitting your mistakes, holding the highest
standards you can, and keeping the customer's best interests at
heart.
Part of the Truth is also asking them to pay your True price,
even if it's higher than is presently comfortable for you.
The money a customer pays is, in part, a reflection of how
present he or she is in the relationship. If the price is too
low, less of the customer is present, and less presence means
less change for them. They get fewer results by paying less,
because they are less committed. And, if you aren't asking them
to pay the True price, then less of you is present as well.
If you have the courage to face the Truth about your pricing,
everyone becomes more present, and miracles can occur. Including
the miracle of your own profitability. :-)
Keys to Signs that You Need to Face the Truth and Raise Your
Prices
* When you have overflow demand for your product or service.
Guess what? It's time to raise your prices. Why it's important:
a business that is busy is asking for creativity in terms of how
its developing. Clearly you've struck a nerve in people, and
there is more demand than you have capacity to give.
If you don't raise your prices until you are down to 80% of your
capacity (while making as much or more money), you won't have the
breathing space to develop the next level of your business, so
you can figure out how to help all those people who are asking
for what you are offering.
* When you find yourself exhausted and resentful, and you still
don't have enough money.
This isn't the same as being overflowingly busy. Here, you may
feel resentful and exhausted after working with just one client.
You may feel bored with your business. You may feel that it's
just not worth it.
There can be any number of things going on here, but,
surprisingly often, it just means your price is too low for you
to feel nourished by the transaction with your client. It takes a
real humility to care and give to your customers. It also takes a
real humility to receive their generosity back. Be humble. Raise
your prices. You'll feel better.
* When people tell you that you don't charge enough.
Be careful with this one: Often customers will tell you that you
don't charge enough, when what they really mean is: "This is a
great value! I love your price!" If you feel good, and your
business isn't yet bursting at the seams, you probably have a
perfect price.
However, if you are bursting at the seams, or you are tired and
resentful, or, strangely enough no one is buying, your prices may
be too low. In that case listen to the good advice, and raise
them.
My very best to you and your business,
Mark Silver
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Mark Silver is the author of Unveiling the Heart of Your
Business: How Money, Marketing and Sales can Deepen Your Heart,
Heal the World, and Still Add to Your Bottom Line. He has
helped hundreds of small business owners around the globe, by
integrating 1500 years of spiritual wisdom with down-to-earth
business practices. Get three free chapters of the book online:
http://www.heartofbusiness.com
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