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How to convince partner to do annual price increases
Help! I need to find a way to convince my partner that we need to have annual price increases of at least 2-3% to keep up with our costs. He is afraid of alienating our customers. I know that our prices are slightly above national average in our industry but we also are producing a higher end product so our prices should be higher. I need some good advice from some more experienced entrepreneurs. Thanks for you help. CJ
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Comments
The comment is correct that if your clients are only with you on price they are a commodity. However there is significant cost to acquiring a new client, so work on strengthening your existing relationship with them, then pass on your price increase.