Raising Your Rates: When and How to Adjust Your Pricing for Profitability

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      Regularly assess your pricing strategy, at least annually, and whenever there are significant market or business changes.

      Focus on communicating the value of your products or services and the reasons for the adjustment. Most customers are willing to pay a bit more for added value.

      Use clear and transparent communication. Provide advance notice and emphasise the benefits they'll receive.

      Discounts can be a helpful strategy to ease the transition. Offer promotional prices for a limited time to soften the impact on customers.

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