WEBVTT - The New Corner Office: Review all rates

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<v Speaker 1>When you subscribe to Bloomberg, you will get more than news.

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<v Speaker 1>the weight for good. That's n o M dot com. Hello. Hello, Hey,

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<v Speaker 1>I don't know if you heard, but my podcast Checking

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<v Speaker 1>It has been nominated for the a CP Image Award

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<v Speaker 1>in the category of Outstanding Lifestyle and Self Help Podcast.

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<v Speaker 1>I'm grateful for the nomination. I I almost didn't even

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<v Speaker 1>do a podcast because I was just wandering there are

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<v Speaker 1>thousands of podcasts out there and why is my voice needed.

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<v Speaker 1>But the nomination from the a CP lets me know

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<v Speaker 1>that I made the right choice, and I encourage you

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<v Speaker 1>to do Don't worry if there are thousands of something

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<v Speaker 1>else that you want to do. No nobody has your sauce,

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<v Speaker 1>so listen. You can still vote. Go to vote dot

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<v Speaker 1>in double a CP Image Awards dot net. You have

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<v Speaker 1>until February five, um nine pm Eastern Standard time, and

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<v Speaker 1>please listen to my podcast. We're part of the Black

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<v Speaker 1>Effect Podcast Network on the I Heart radio app or

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<v Speaker 1>wherever you get your podcast. Thank you for checking in.

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<v Speaker 1>Good morning, This is Laura. Welcome to the New Corner Office,

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<v Speaker 1>the podcast where we share strategies for thriving in the

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<v Speaker 1>new world of work, where location and hours are more

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<v Speaker 1>flexible than in the past. Today's tip is to review

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<v Speaker 1>all rates, what you're paying and what others are paying you.

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<v Speaker 1>Many organizations and individuals change their rates around the new year.

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<v Speaker 1>Making a plan for this reality now a few weeks

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<v Speaker 1>ahead of time increases the chances that you will remain

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<v Speaker 1>as profitable as possible. Everyone has their rates and fees.

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<v Speaker 1>If you work for someone else, your rate amounts to

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<v Speaker 1>your salary and benefits divided by how many hours you work.

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<v Speaker 1>If you work for yourself, well you know what you

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<v Speaker 1>charge people. Even if you charged by the project, you

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<v Speaker 1>probably know how long your projects take, so it all

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<v Speaker 1>comes back to an hourly rate somehow. If this number

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<v Speaker 1>hasn't budged in a while, now is a good time

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<v Speaker 1>to plan how it might go up. If you work

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<v Speaker 1>for an organization, use your annual review to talk with

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<v Speaker 1>your manager about what you could do to earn more

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<v Speaker 1>in the new year. Come with suggestions, ask what he

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<v Speaker 1>or she would like to see in order for the

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<v Speaker 1>number to go up. If this is not happening and

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<v Speaker 1>I recognize that that may be reality some places, I'd

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<v Speaker 1>point out that another way to raise your rate is

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<v Speaker 1>to work fewer hours. You might be able to negotiate

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<v Speaker 1>for more vacation days, for instance, if you can't get

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<v Speaker 1>more in salary, or you could make a choice to

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<v Speaker 1>draw stricter boundaries about when you are available. If you're

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<v Speaker 1>focused during the hours you are working, you may get

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<v Speaker 1>just as much done and your rate will go up

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<v Speaker 1>just by virtue of not staying in your inbox all night.

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<v Speaker 1>If you work for yourself, remind your clients about what

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<v Speaker 1>you're doing for them. Mentioned some new benefits that happened

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<v Speaker 1>to come with a slightly higher price tag. Of course,

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<v Speaker 1>life is a negotiation, and many of us are dealing

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<v Speaker 1>with this on the other side too. Vendors, contractors, employees,

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<v Speaker 1>and others are looking at raising their rates for the

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<v Speaker 1>new year. You want to be fair, for sure, but

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<v Speaker 1>you also want to make sure that you are getting

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<v Speaker 1>enough value to justify the rates you're paying. If you

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<v Speaker 1>feel like you are paying a lot, now is a

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<v Speaker 1>good time to start shopping around or making other changes.

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<v Speaker 1>For instance, I'm happy with my email newsletter program, but

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<v Speaker 1>rates rise as the number of people on the list grows.

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<v Speaker 1>So we mitigated the effect of a recent price increase

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<v Speaker 1>by cleaning up the list, calling anyone who hadn't opened

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<v Speaker 1>the emails in a while. Take a look at your subscriptions.

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<v Speaker 1>Are you actually reading them? If a contractor vendor announces

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<v Speaker 1>that he or she is raising rates, you can negotiate

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<v Speaker 1>for more services. The easiest way to do this is

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<v Speaker 1>to look at the market, see what other people are offering,

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<v Speaker 1>see what they are charging, make a phone call. I

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<v Speaker 1>see that company, why is offering X, which sounds like

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<v Speaker 1>a good deal? Tell me what you think we can

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<v Speaker 1>do to keep working together. Most likely the person will

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<v Speaker 1>propose more services or a bit less of a price increase.

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<v Speaker 1>Either option is a win. Sure this takes time, but

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<v Speaker 1>time spent on direct rate negotiations tends to have a

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<v Speaker 1>big payoff. You might save or earn hundreds or even

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<v Speaker 1>thousands of dollars with a few conversations. We seldom get

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<v Speaker 1>the entire rate increase we want for ourselves, but we

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<v Speaker 1>may not have to pay the entire rate increase other

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<v Speaker 1>people want either. That's why it's important to look at everything,

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<v Speaker 1>think about what's worth it, think about what's not. Make

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<v Speaker 1>a plan over the next few months for dealing with

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<v Speaker 1>these increases, and hopefully landing a bit of an increase

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<v Speaker 1>for yourself as well. You'll start in a far more

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<v Speaker 1>profitable position in the meantime. This is Laura, Thanks for listening,

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<v Speaker 1>and here's the succeeding in the New Corner Office. The

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<v Speaker 1>New Corner Office is a production of I Heart Radio.

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<v Speaker 1>For more podcasts, visit the i Heart Radio app, Apple Podcasts,

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<v Speaker 1>or wherever you get your favorite shows. You're coming to

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<v Speaker 1>bed hunt Ye honey, I'll be right there. Just gotta

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<v Speaker 1>turn out the light. Oh oh, some thing's never change,

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<v Speaker 1>like your kids always leaving tiny toys on the floor

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<v Speaker 1>for you to step on and Gango saving folks lots

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<v Speaker 1>of money on their car insurance. Sweetie, I think I

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<v Speaker 1>left the downstairs light on. Please don't make me go.

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<v Speaker 1>Fifteen minutes could save you or more. Have you ever

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<v Speaker 1>felt depressed about work only to have your dad be like,

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<v Speaker 1>why you're so down? So you told him you hate

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<v Speaker 1>your job and he said, well, you better talk yourself

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<v Speaker 1>out of it, and then you thought, hmm, I love

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<v Speaker 1>to talk. I could host a podcast. And then you

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<v Speaker 1>went to Speaker from my Heart and started a podcast

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<v Speaker 1>and got good at it, then monetize it, then quit

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<v Speaker 1>your boring job and told your dad thanks for the advice.

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<v Speaker 1>And he was like, well, that's not what I meant,

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<v Speaker 1>and I don't understand what a podcast is. But you

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<v Speaker 1>seem happy, So that's great, kiddo. You ever do that? Well,

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<v Speaker 1>you could at speaker dot com. That's spr e A

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<v Speaker 1>K E. R. Ask your dad. You actually don't what

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<v Speaker 1>girls in the forest our imagination and our family bonds

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<v Speaker 1>the forest is closer than you think. Find a forest

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<v Speaker 1>near you, and discover the fourth dot Org. Brought to

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<v Speaker 1>you by the United States for Service and the AD

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<v Speaker 1>Council