Ask a CFO with James Vanreusel – Smart Pricing Strategies in Economic Downturns

How to Raise Your Prices Correctly

In this episode of Ask A CFO, we discuss the dicey and sometimes taboo topic of –RAISING PRICES!  EEEK.   Why would you do such a thing?  Well, sometimes you have to just to stay afloat because when there is a downturn, that doesn’t exclude Y-O-U. We are all “in it together,” right?  So if you or your business is experiencing expenses tied to inflation, increasing overheads, and narrowing profit margins, or even better, your team is just betting faster with higher output, it may be time to raise your pricing. 

There are right ways to do so you can: 

• Communicate effectively
• Get an enthusiastic “yes!”
• Start seeing your profit margin increase

Learn how to communicate price increases with your customers and realize the fear vs. rewards when raising your prices