10 Signs It's Time To Raise Your Prices

When was the last time you raised your prices? Nothing makes a business owner’s palms sweat more than raising prices, but it is a natural, necessary part of business. Instead of focusing on generating more leads and sales, invest time to learn if you are charging the right price.

  1. Services are easy to sell, leading to an unusually high closing rate
  2. Sales have increased, but there’s nothing new to show for it
  3. Difficult to maintain high quality service
  4. Unable to attract great employees because you cannot afford to pay fair market value or offer benefits
  5. Struggle to pay income taxes on time
  6. Borrow money to replace assets
  7. Unable to save money to fund your growth plans
  8. Customers tell you that your ‘company has the lowest price.’
  9. Feels like you are in a price war and chasing some competitors to the bottom
  10. Other competitors are charging more, but providing less

Bottom line:

  • Cash flow starts with prices. The only long term sustainable way for your business to generate cash is based on the prices you charge your customers. That’s why it is so important to charge the right price.
  • Yes, it’s good to research your competitors, but it is dangerous to simply copy their prices
  • Instead of selling based on price, look for ways to add value by helping your customers see the quality of service you provide

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