The Cash Flow Contractor 189 - Margin Mindset: Are You Charging Enough as a Contractor?
Are you under constant stress to make ends meet in your business? Caught up in desperation bidding? Time to ask: 'Am I charging enough?'
Martin and Khalil break down the margin mindset, highlighting signs of undercharging and its impact on your business. Get insights on nailing pricing, standing out from the competition, and balancing quality service with financial health. Hit play!
Time Stamps
- 00:42 - Exploring Closers.io
- 03:45 - Topic Introduction
- 04:18 - A Margin Mindset
- 08:37 - Understanding Your Margin
- 19:51 - Indicators of Underestimating Costs and Lack of Margin
- 22:03 - Addressing the Fear of Increasing Prices
- 25:20 - Understanding the Value of Your Service
- 26:41 - The Importance of Customer Experience
- 27:34 - Overcoming the Fear of Raising Prices
- 29:19 - Delivering Value Beyond the Product
- 39:36 - Implementing New Pricing Strategies
- 42:46 - Perseverance in the Face of Rejection
- 44:40 - Closing Thoughts and Next Steps
Quotable Moments from the Show
- "If you don't have cash, if you are under stress all the time if you're doing the desperation bidding, if you need to get the next job to finish this job, those are all indicators that you're not charging enough." - Martin Holland
- "Understanding if you have a gross profit margin is a function of having really good books and understanding how to use them." - Martin Holland
- "If you cannot make a profit, you probably already know it." - Martin Holland
- "Your competitors should not set your prices for you. They don't have your best interest at heart." - Martin Holland
- "If you want to charge more, you have to give people more." - Martin Holland
- "Get people to buy into your method and they'll buy your service." - Khalil Benalioulhaj
- "People will pay more for the product with a relationship than just the product." - Martin Holland
- "Probably your biggest channel of new business is referrals. What is a referral? It's, "I trust this company. You should use them too." - Khalil Benalioulhaj
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Resources
- Intentional Bidding Part 1 of 4
- Intentional Bidding Part 2 of 4
- Intentional Bidding Part 3 of 4
- Intentional Bidding Part 4 of 4
- Price Increase Calculator
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