While looking for inspiration to write this blog, I came across a story that had totally gone off my radar. The story is legendary in maintenance and repair circles.
A man who owns a small manufacturing plant has one of his vital pieces of equipment go down. So he calls in the repairman who quickly finds the problem. He takes his hammer and hits the machine once and it starts working again. The repairman then hands his repair bill over to the plant owner who is mortified at the $400 bill. He says to the repairman, ‘Why is the bill so much? You just hit the machine once with a hammer.’ to which the repairman replies, ‘That’s $50 for hitting it with the hammer, and the $350 is for knowing where to hit it.’ ”
What a funny way of getting the point across that some repairs may look simple, but the knowledge to fix the problem comes with time, education and experience.
I spend lots of time and money getting educated on programs that help me run my business. And still I find myself afraid to charge my customers too much for fear that I am going to lose them. I tend to forget that my investment in myself and my experience has value and I should not be afraid to have my pricing reflect that. After all, when I invest in myself, I am more than willing to pay the price because I see the value in the service that I am getting.
Do you struggle with charging your customers too much? Let me know what you have done to overcome those struggles!