Industry Leaders set market rates and are able to pay their people well

Imagine this – a world where your business isn’t just another player in the game but the one setting the rules. Being the first to raise your rates when the market requires it yields several advantages.  It gives you the ability to set the market price.  It also gives you the chance to increase the wages of your people.  And with that, you can raise the bar of quality and customer service.

It’s easy to assume your current charge-out rates are aligned with the market.  After all, your customers are paying you and there are no complaints, and you are earning a healthy margin.  So why make a change?  An annual rate increase is an important routine to establish.  It forces you back to your books.  It gives you a good reason to look at the market and decide where you want to exist in it.  When you increase your charge-out rates, you are signalling that you believe in yourself and your people’s ability to deliver even better customer service.

Investing in Your Heroes: The Power of Higher Wages

Your team isn’t just a group of employees; they are the lifeblood of your business. By boosting the wages of deserving employees, you’re not just increasing numbers on a paycheck; you’re fueling their motivation, commitment, and ultimately, their happiness. Happy employees mean happy customers, and that’s a recipe for success.  Your decision to raise wages and rates is a bold move, but it’s these kinds of decisions that build a future – a future where your business isn’t just surviving but thriving.

Enjoy the journey and lead with confidence!