Valuing Your Worth – What Are You Worth in Business?

Do you find yourself questioning your rates, your salary or doing one little job for ‘free’ as a favour or offering ‘mates rates’.  Perhaps you are unsatisfied with the remuneration at the completion of a project or find yourself doing more work than you charge for.

You are not alone in feeling this way. And the good news is you can turn this situation around with a little bit of research to value what you are worth.

KNOW WHAT YOU ARE WORTH

Knowing what you are worth for your work and sticking to it is the ideal situation for each of us. However, we are all very good at doing more than we actually charge for / are paid.   Whether you are underpaid by an employer, or you are undervaluing yourself as a self-employed person, you must know your worth even before we negotiate a salary, or quotation for a client.

As awkward as it may be, discussing money and looking at what you are really worth is crucial to your success in business. Find out the going rate is for someone of your expertise and experience. Determine the salary range typically paid by employers for someone with your background, experience and talent. Once you have identified a salary range, you can determine where you fit in the range based on your credentials.

Ask yourself are you satisfied with your earnings based on your determined worth and your perception of your credentials?

PROVE WHAT YOU ARE WORTH

While the economic recession has seen the rise of ‘someone else who will be able to do the job at a cheaper rate’ (or even offer for free in some cases), the reality is, you can do the job better and at a higher standard.  If you genuinely know this is a fact, and want to be seen as valuable by your employers, you must prove what you are worth.

Being valuable to your employer and clients is about showing them you will contribute to helping them make money. Value and highlight your skills and talents that will aid them in making money.

The amount of pay you receive is usually determined by negotiations between you and your employer. So even before you enter into pay negotiations, have an idea of what you are worth in the marketplace value. Set the minimum rate you will accept during the negotiation process, knowing it still reflects your worth.

TIME IS MONEY

Use your time wisely and productively. If you are billing clients then you must keep track of your time to justify what work you do and how long it takes.

If you are taking a holiday, don’t get caught up with working extra hours during your break. Take that time away to focus on relaxing and rejuvenating you. Unless the work is urgent, or you can charge for this extra work, then you are not valuing your worth by doing unpaid work during your holiday.

If you feel you are not being rewarded for your worth, and cannot negotiate or communicate a more suitable pay scale, be willing to walk away from a job, or spend less time with a client.

However, don’t ask for more than you deserve though or you may find yourself without work. Before you take any drastic measures, evaluate what value you bring to your company and employer, and take measures to make sure you are fairly compensated.