No one will ever pay you what your worth. No one.
In this Ted Talk from Casey Brown, “Know your worth and then ask for it”, she talks about how clearly defining and communicating your value are essential to being paid well for your excellence.
“No one will ever pay you what your worth, they’ll only ever pay you what they think you’re worth…… And you control their thinking” – Casey Brown Ted Talk
She goes on to say that women under-price more than men, even in an entrepreneurial sphere, by 20%.
According to a study of women in business by the Australian Bureau of Statistics for the Office for Women in 2015, in May 2012, the average weekly cash income for incorporated business owners was $998 for women and $1,451 for men.
Also in Australia, from August 2016, the full-time average weekly ordinary earnings for women are 16.2% less than for men. Among non-public sector organisations with 100 or more employees, the gender pay gap for full-time annualised base salary is 19.1%, and for full-time annualised total remuneration is 24.0%. The full-time average hourly earnings for women are 13.9% less than men’s full-time average hourly earnings.
According to Casey, who is a pricing consultant, women are often uncomfortable communicating their value, especially early on in business ownership. They say things like, “I don’t like to toot my own horn” or “I’ll let my work speak for itself.” She hears a very different narrative from male business owners. And she believes this is costing women.
She suggests that women business owners need to evaluate their value by asking themselves these questions:
This will give you a clear value definition. Doubts and fears are natural and normal but they don’t define our value and they shouldn’t limit our earning potential. Communicate your value and find your own voice. When you know your value, and can see that what you offer is valuable you can communicate that value to your clients and they will see it for themselves.
The equation to realising your full earning potential is to define your value and communicate your value.
With the recent increase to minimum wages for employees announced by The Fair Work Commission (FWC) of 3.3% and the continued rise to the cost of living such as food, electricity, gas and other household expenses, now is the time to evaluate or re-evaluate your value. Use the questions above as a guide to help you write it down where you can see it and start to grow in believing in yourself and communicating that value to those you do work for. Before you know it, you will begin to earn the value of what you are worth and be more confident in doing so.
As a bookkeeper, I work with many different types of Business owners. If you really want to feel your time is being valued, and you are being paid accordingly, then you need to take the time to re-assess what you are charging. Chances are, you are charging less than what you are worth!
Disclaimer: The advice contained in Balance Books blogs and newsletters is of a general nature only and may not apply to your individual business circumstances. For specific advice relating to your situation, please contact your Accountant or other professional adviser to discuss further.