Understanding When and How to Raise Your Prices Effectively
n this episode, we explore a crucial but often avoided question: When is it time to raise your prices?
I’m Deb, a Profit First Professional, and I’m here to help you recognise the signs that it’s time to re-evaluate your pricing—whether it’s due to rising costs, increased demand, or simply the fact that your skills and value have grown.
You’ll learn how to assess your current pricing model through a structured, annual review process that considers expenses, income goals, and market shifts. I’ll also share how to approach price increases with confidence, and how to communicate changes clearly to clients—without guilt or second-guessing.
Because understanding your worth—and charging for it—is key to building a business that’s financially healthy and personally sustainable.
About the Podcast:
This episode of the Financially Healthy Business Podcast dives into the strategy and mindset behind raising your prices—and doing it in a way that aligns with both your financial needs and your value.
I share:
- Signs it’s time to review your pricing
- How to calculate what you should be charging
- Scripts and tips for handling pricing conversations with clients
We’ll also tackle the psychological blocks that hold so many business owners back from taking this vital step—and offer you practical tools to overcome them.
Each 15–20 minute episode is designed to give you clarity, confidence, and control over your finances—so your business can fund your life, not just fill your calendar.
Review your pricing. Own your value. Charge with confidence.
Takeaways:
- Effective management of pricing is crucial for business sustainability and profitability.
- Business owners must regularly assess their pricing strategies to ensure they reflect current costs.
- Clear communication regarding price increases is essential to maintain client trust and relationships.
- Understanding one's value and expertise is fundamental when contemplating a price raise.
- It is advisable to implement incremental price increases rather than drastic changes to minimize client loss.
- Raising prices should be framed around the value provided to clients, ensuring justifications are clear.
Links referenced in this episode:
Companies mentioned in this episode:
- Accounts Ladies
- Accounts Office Academy
- Financially Healthy Business
Transcript
Foreign Healthy Business Podcast for business owners who want the confidence on cash flow that supports the life they actually want to live.
Speaker A:I'm Deb Halliday, Profit first, professional founder of award winning accountancy practice the Accounts Ladies and the Accounts Office Academy and author of how to Build a Financially Healthy Business.
Speaker A:Learn how to take control of your finances, reduce stress and grow sustainably because your business should support your life, not consume it.
Speaker A:Let's get started.
Speaker A:Welcome back to the Financially Healthy Business Podcast.
Speaker A:I'm Deb Halliday and today we're tackling a big one.
Speaker A:Pricing.
Speaker A:Specifically, how do you know when it's time to raise your prices and how do you do it without losing clients or second guessing yourself?
Speaker A:This is about owning your value, so let's get into it.
Speaker A:Raising prices can feel scary, but it's often necessary.
Speaker A:How do you know you're ready if your costs have gone up?
Speaker A:Say software fees jumped 10%, your skills have improved, or your time is in high demand, you're ready.
Speaker A:You don't need to justify it to anyone, you just need to communicate it clearly.
Speaker A:I'm going to use small numbers so it's easy to follow along.
Speaker A:Start by reviewing your pricing annually.
Speaker A:Compare it with your actual cost to deliver your desired take home pay and what the market will bear.
Speaker A:For example, if you're charging £1,500 but your costs are £1,000 and you want £500 for yourself and that's tight.
Speaker A:Could £1,800 work?
Speaker A:Test it, then let clients know in advance.
Speaker A:Frame it around value like I'm raising my fee to £180 to reflect the expertise and results I'm delivering.
Speaker A:Most won't blink if you're up front.
Speaker A:This week's action Pick one service Ask Am I undercharging?
Speaker A:If yes, raise the price for new clients.
Speaker A:Try a 10% increase to start.
Speaker A:These are small monetary examples to show the process.
Speaker A:In our online program we use real life case studies and teach you how to develop your decision making skills.
Speaker A:Sign up@financiallyhealthybusiness.co.uk you're not expensive, but you're worth it.
Speaker A:Own your value.
Speaker A:Next time we'll apply the profit first mindset to your home life.
Speaker A:See you then.
Speaker A:Thanks for tuning in to the Financially Healthy Business podcast.
Speaker A:If today's episode helped you take a step closer to building a business that supports your life, share it with a fellow business owner.
Speaker A:Follow the show or leave a review.
Speaker A:It all helps to get the message to the people that need it.
Speaker A:For further Support, head to www.financially healthy business.co.uk to find out more information on my online coaching program.
Speaker A:You didn't start your business just to survive.
Speaker A:You started it to thrive.
Speaker A:Till the next time.
