Let’s talk about something that’s often seen as daunting in business but can actually be a massive opportunity: price increases. Done right, a well implemented price increase campaign can be incredibly financially rewarding. 

Now before you think I’m suggesting we start gouging clients, let me be crystal clear. That’s absolutely not what I’m about. I’m not a fan of those stories you hear where trades have been hard to book in recent years, and someone sends you a quote that’s double the price of the others. You just know that person doesn’t really want the job, they’re already busy enough and are just throwing a big number out there on the off chance you say yes. 

That’s not the approach I’m talking about. 

What I am suggesting is that you take a good, strategic look at your pricing and that you base it on something meaningful like your profitability. Price increases should be guided by what makes sense for your business from a benchmark profitability point of view. 

If you’re generating at least a few hundred grand in fees or more, then you’ve likely got enough volume and traction to start thinking about price in a way that aligns with your long term growth and sustainability. 

When you set your prices with purpose and with profitability in mind, the rewards will follow.