fbpx
Millionaire Mindset for Women in Business

5 signs you’re undercharging

Feb 9, 2023

Undercharging signs

Are you undercharging for your services?

It can be hard to tell, particularly if you’re in a niche industry or you’re a contractor. Costs have been rising, so it may be time to rethink your own pricing.

Here are five signs that you might be undercharging:

  1. Nobody ever questions your quotes – Do all your new clients accept your quotes or charges without asking any questions, requesting a breakdown or wanting a discount? It’s possible they’re delighted to be getting such a great deal.
  2. You’re run off your feet but you can’t afford to get help – When you’re working yourself to the bone, but there’s not enough money left over to employ someone to help you, your prices are too low – or something else needs to change.
  3. Your prices have been the same for two years or more – In most industries, prices increase just slightly each year. Leave your prices flat for too long and you’re not keeping up with the market. Make sure you review your fees annually.
  4. You’re overbooked – When business is booming and there’s no room for new clients, it’s time to raise your prices.
  5. Clients don’t treat you as well as they should – When clients think they’re paying peanuts, they’ll often take you for granted. They don’t see your time as valuable, so they feel free to mess you around.

What should you be charging?

Finding your pricing sweet spot could take a little time. You’ll need to do some research, maybe ask around a little, and find out where your competitors are pitching their rates.

We can help too – if we have clients in similar industries we might be able to give you some indication of typical fees, so give us a call or drop us a note. We’d love to hear from you.

Author

  • Suzanne Walker


    Suzanne Walker is the founder of one of Australia’s leading public accounting firms, Clear Path Accounting, and has built her results-based reputation as a transformational business advisor over the last 25 years. She holds the philosophy that accounting is more than just tax returns and compliance and believes that accountants can have a profound impact on the lives of their clients.

    Suzanne began her career after completing her degree in Commerce from the University of South Australia. She started out working for a large accounting firm in Sydney before deciding to make the bold move of starting her own practice. Since then, she has helped countless business owners achieve their financial goals through her sound advice and guidance.

    Establishing a career as a young mum of three, in a male-dominated industry has also gifted her with a passion for helping other women in business. Motivating her to co-create courses and business mastermind groups specifically to empower women with the skills they need to find their own version of success.

    In addition to her work at Clear Path Accounting, Suzanne is also the Vice President of the Penrith Valley Chamber. She regularly attends and often hosts meetings, events and seminars, in an effort to support others in her local business community.

    Suzanne is passionate about helping her clients achieve financial success, taking a personalised approach to every engagement. Her dedication to her clients and her commitment to excellence have made her a trusted advisor to many businesses in Australia.

    View all posts