Ep 692. Hold Your Ground on Your Rates: Let the Data Do the Talking
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Key Takeaways
Do not take on work that isn't right for your business; instead, hold your ground on pricing and raise rates if necessary.
Utilize budgeting and estimating software like LMN to accurately determine what you need to charge, rather than just tracking bills.
Cultivate an 'abundance mindset' by trusting that quality work will consistently be available, avoiding the fear-driven 'scarcity mindset.'
Analyze your historical data to understand if past work shortages were due to external economic factors or internal management issues.
Be selective in the projects you accept; saying 'no' to low-margin or misaligned work allows you to focus on profitable, strategic opportunities.
If you struggle with a scarcity mindset, practice awareness, reflect on past experiences, and challenge fears with data demonstrating that worst-case scenarios rarely occur.
Temper an abundance mindset with systems and data-driven decisions, setting clear metrics and financial guardrails to ensure intentional choices.
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