Balancing your Fees Regularly

When was the last time you assessed your fees? If you haven’t adjusted your fees in more than a year that’s already too long.

Your fees include labor, material expenses, and other overhead costs for the work you perform. They may also include some of the overhead costs of your business as well as education and training to continue to provide quality service to your clients. Like all things in life, costs are on the rise, and your fees should keep up the pace. Not adjusting your fees on a regular basis will result in a bigger jump when you do, potentially impacting the perception of your business by your clients.

Do you know where your business ranks against others in your industry? You may want to benchmark and learn how your fees compare to those of your competitors and peers. Then you can adjust to stay competitive while also earning what you're due for the work you perform.

Balancing your fees won't only make you more profit. It will provide you the ability to maintain and grow your business.