Is it time to raise your prices?

It’s no secret the costs of running a business are rising. If you’ve been absorbing inflation from your suppliers without considering what you’re charging for your own products and services, it could be time to consider a price rise.

We asked one of our experienced business advisers, Steve McLaren, about the right and wrong time to raise your prices, and what to keep in mind when setting your prices. Here are the insights he shared.

When is the right time for a price increase?

According to Steve, to determine if the time is right to increase your prices, ask yourself these questions:

Are you struggling to keep up with demand?

Have you recently received media coverage that has dramatically increased your customer base?

Have your operating costs increased?

Read More: https://www.smallbusiness.wa.gov.au/blog/it-time-raise-your-prices