How Do You Raise Rates To Your Clients?


How do you raise rates to your clients?
At some point, those of us in a service business, find it necessary to raise the rates we charge.

When our costs go up and our margins get slimmer, we may find the increase is needed to maintain the level of service we provide.

So how do we do this? What are some steps we can take to ensure a smooth transition to our new rates?

Here are six ideas and steps I believe can help.

👉 Be transparent 👈

Let your clients know the reasons you’re raising your rates. They may not like it but they will appreciate your transparency.

👉 Give them notice 👈

Give your clients a heads up in plenty of time. Provide a specific date when the new rates will take effect.

👉 Show the value 👈

Remind your clients what they receive from you and that the increase will allow them to continue to receive all of those benefits.

👉 Offer options 👈

Offer different options to your clients, maybe discounts for long-term contracts or bundled services.

👉 Be open to negotiation 👈

Be willing to negotiate with your clients. You don’t want to lose a a long-term loyal client. Listen to their concerns and consider a step up over time to the new rates.

👉 Maintain professionalism 👈

Remember to ALWAYS be respectful and professional with your clients. Don’t be defensive or confrontational, and remain focused on finding a solution that works for you both.

Raising your rates should never be taken lightly. This really should be one of the last things to consider with your business. But, if after all other resources have been exhausted, and you find it necessary, try following the tips above for help.

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Photo credit Kenny Eliason on Unsplash.