Raising your prices is a touchy subject.
Everyone always panics and assumes if they do they’ll lose all of their clients.
Fortunately, this is highly unlikely and really the wrong way to consider this strategy.
The majority of my efforts are spent figuring out how to enable your firm to do more with less.
As in, my focus is on exponential improvements whenever we can achieve them.
One really great strategy for finding time and boosting performance is raising your prices.
However, to really leverage the potential here you must do so at the right time for your firm.
Here’s the scenario.
Your firm is overwhelmed. You want to grow, but you’re at capacity. If you added new clients you wouldn’t be able to meet their needs. So what do you do?
Well I can tell you that most firms scramble to hire. They rush the process, pay top dollar and take whatever they can get.
Not only is this a BAD strategy typically the results are lackluster at best.
Leveraging this strategy will only grow your brand to be bigger and more unwieldy NOT stronger.
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OK, so what would be a better strategy?
Double your prices. This is the best time and the best way to achieve what you really want at your firm.
Why does this work so well?
Many reasons. Here’s only a few:
- It filters out clients that aren’t a great fit for where you’re going (better clients)
- It boosts your revenue per client considerably (greater revenue)
- The clients that turn you down or turnover provide your firm with precious time back (time saved)
- With greater revenue and more time you’re now more profitable (profitability boost)
Plus this strategy actually makes your brand STRONGER.
I could go on forever with that list. As such, the only thing stopping you from leveraging the benefits this strategy can offer your firm is you.