Original post from Colleen Francis
How to Raise Your Prices Without Getting Burned
On one hand, raising prices means more earnings and greater profits. On the other hand, it could upset or scare away your current client base.
Price increases are definitely worth approaching strategically. It’s true, there’s a definite and obvious upside of charging more for your products and services.
But, if you lose your current clients in the process, is it doing any good?
As you head into 2016, you’re probably asking yourself a lot of questions, and one of them might be about raising your prices. It’s not something you necessarily want to do, but it might make business sense to do so. There are two sides to this scenario: if you raise your current prices, you could scare away your current clients, but your profits will also increase. So what do you do? Well, raising your prices doesn’t always have to be a game of chance. Colleen Francis offers some insight on how to raise your prices the right way, to minimize impact and increase the reward.