Michael Lodge - www.lodge-co.com: Raising prices is a challenging decision for any business owner, particularly when clients are facing financial constraints. In today's competitive market, many businesses find themselves in a tough spot where they must consider increasing prices in order to ensure the survival and sustainability of their firm. As a service provider, it can be disheartening to witness clients reducing their spending on essential services, forcing tough decisions to be made. One such decision may involve charging for additional services that were previously offered for free, such as answering questions from clients and the public. While this may not be a popular choice, it is sometimes necessary for the business to adapt and thrive in a changing economic landscape.
Setting up a dedicated phone line to handle client queries and charging for these services can be a practical way to offset revenue losses and maintain the quality of service provided. Despite the initial discomfort associated with charging for what was once complimentary, it is crucial to prioritize the long-term sustainability of the business. Conversations with peers and mentors who understand the challenges of running a business can provide valuable insights and validation for tough decisions like this. Ultimately, while it may be a difficult adjustment, adapting to the changing market conditions and making tough decisions like charging for services that were once free can be crucial steps in ensuring the continued success and viability of a business in the long run.