How to know when it's time to charge my customers more

Should I raise the price of my products or services? Is it a good idea? When is a good time to do it? Will my customers get upset? What if they don't come back?

If you have asked yourself any of these questions, you are in the right place. At taclia, we know that finding the opportunity to raise prices for a business is not easy. For this reason, we have put together a series of tips to help you make the best decision for your company.

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• Analyze where your business stands

The first question you should ask yourself is: Is my business economically sustainable?

Evaluate your financial situation and make sure that your profits and income exceed your company's expenses. I leave you an article where we explain the difference between revenues and profits, I recommend it.

Likewise, learn to improve your business's cash flow, which is the net amount of money that comes in and goes out in a given period. Here are the keys to improving your company's cash flow.

Analyzing your finances is essential to identify the financial needs of your business. With this, you will know if you should raise the prices of your products or services, or wait for now and opt for other strategies.

With the functionality of Budgets and Invoices from taclia, you can create budgets, invoices, and pro forma invoices whenever you need them instantly. If you want to send any of these documents, you will have all your customers' contacts available to do it directly.

You are probably wondering: What do I do with all my expense receipts? Well, easy! With taclia, you can also track all your purchases and securely store all your receipts.

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• Examine the products and services you offer

Will my customers be willing to pay more for these products or services? Are these products or services the ones that should cost more? Or should I create new ones?

It is time to question your inventory and think long-term. Ask yourself if the products or services you sell are profitable, how many customers buy them, what is available... We advise you to review all your products/services to offer better conditions to consumers.

If your sales are not financially supporting your company, you may consider the need to change the direction of your business at this step.

If not, and you believe your company needs to continue on the same path, we recommend making a list of the products or services that your customers like the most:

This way, you will know:

• Which ones you don't need: you will find out if you can do without them.
• Which ones are bringing you more money and in which ones you can raise the price: you will identify the star products or services and consider the option of increasing their price. If you see fit, ask your most trusted customers if they would be willing to pay more for it. This advantage will help you avoid risks and not invest money hastily.

taclia ensures that all your inventory is in one place for you to review whenever you decide.

Don't forget about the competition! It is essential to know your competitors to be prepared when they are not. You must detect market prices in time and if there is a quality-price ratio in their products to offer the best to your customers.

With all this, you will achieve greater affinity with new consumers and increase sales. In addition, you can keep in mind the challenges that have arisen along the way.

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• Showcase your products or services

If you raise the price of your products or services, you will have to find the most attractive way to sell them. Provide the customer with proof that the product or service they are buying is exclusive, useful, and guarantees high quality. Find your added value so that your clients continue to prefer your brand and show it on all your social networks or physically.

Moreover, prepare new launches to differentiate yourself from the rest of the competitors. Keep in mind that customers also value innovations, so innovate your company. If you care for and update your products or services, the customer will be willing to stay by your side after seeing that you make an effort to meet their expectations.

If you are someone who waits for special occasions like Black Friday or Christmas to showcase your company, remember that these events are when many consumers indulge. It is another opportunity to increase prices and make your presence in the market known: if your customers value the exclusivity of your products/services, they will pay a little more during these times.

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• Always evaluate your business

Evaluate each action taken both internally and externally to determine if charging more to your customers has been a good choice. We know this situation may seem daunting, but it will be key to improving and learning to control your business.

Start by asking for opinions from your customers, employees, colleagues, or close acquaintances.

Don't you know taclia yet? Get to know us and try taclia now for free. Digitize your business, easily, quickly, and intuitive.