Adjusting Rates in an Inflationary Economy

Inflation affects everyone, including service providers. When your costs go up, your rates need to follow. But how do you raise prices without losing clients?

The Psychology of Price Increases

Communication is key. Never surprise a client with a higher rate on an invoice without prior discussion.

Steps to Implementing New Rates

1. Audit Your Costs: Know exactly how much your overhead has increased.
2. Notify in Advance: Send a dedicated email explaining the change 30 days out.
3. Focus on Value: Remind them of the quality and reliability you provide.
4. Update Your Estimates: Ensure all new proposals reflect the new pricing immediately.

Using Your Invoice to Soften the Blow

• Itemize value: detailed descriptions show where the money goes.
• Offer packages: Bundle services to make the higher price feel like a deal.
• Lock-in options: Offer the old rate if they pay upfront for a year.

With Invoice ASAP, you can easily update your saved items and rates globally, ensuring you never accidentally bill at the old, unprofitable rate.