Our recent client survey generated some incredible feedback, which — with our clients’ permission — I’ll be sharing in the coming weeks.
But in the spirit of transparency, I also want to tell you about one less-than-glowing comment we received, from an otherwise happy client.
Quite simply, they were frustrated that we review our fees every year.
I completely understand why that might feel frustrating. No one likes paying more. But I also believe there’s an important lesson here for every business owner.
Raising your prices regularly isn’t just a good idea — it’s essential to keep your business strong.
And every business should raise their prices regularly.
Why? Because we’re living in a high-cost, high-inflation environment. Your own expenses — staff salaries, supplier costs, rent — are likely rising all the time.
If you don’t keep up, your profit margins will erode, and your business will suffer.
I know this can feel daunting. There’s always the fear that customers will push back, that they’ll go elsewhere or that the market won’t bear it. The idea of sending that price increase email can be nerve-wracking.
But here’s the thing: if you don’t raise your prices regularly, your customers will come to expect that you never will. And when you finally do – possibly forced to by dwindling profits – the backlash could be far worse.
That doesn’t mean you need to make drastic changes.
At Insight Associates, for example, our fee increases are modest — just enough to keep pace with inflation and our rising costs.
Your approach may need to be different, depending on your industry, business model and market.
That’s why having clear, accurate financial data is so important.
You need to understand exactly how your costs are changing, what’s happening to your margins and how different pricing strategies will impact your bottom line. Only then can you make financially sensible decisions about your pricing.
That’s where Insight Associates can help.
We’ll work with you to produce accurate numbers, analyse them, model different pricing scenarios and land on the correct pricing strategy for you.
Together, we can make sure your business is positioned for sustainable, profitable growth.
If you’d like to explore how to get this right, let’s chat. Just email garry@insightassociates.co.uk or call us on 01279 647 447 and we’ll set up a time for a no-obligation consultation.
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