Don’t be afraid to take the action you need to when it comes to your prices. Coming to the end of a year is a great time to review your fees.
- If you’ve not done it already in 2017, put your prices up for new clients. All your other costs are going up, so if you don’t match these with a price increase, your margins will be squeezed.
- Speak to your existing clients about putting their fees up too. Explain the difference between what they currently pay and what your new clients pay – ask them how they’d feel about closing the gap. Explain your reasons and give notice that you’re doing it. Perhaps even offer to stagger the increase over time, to soften the blow.
- If you’re dealing with procurement departments (or anyone who likes to negotiate), don’t just discount your fee. Make sure you negotiate appropriately and always get something in return, e.g. improved payment terms, more money up-front, a written testimonial, an introduction to another contact within the business, or a partner that they work with.