Great topic per usual @Anonymous!! This was a large discussion between my father and I. We recently increased rates for all services because they had not been raised in several years. It was a very easy decision based on a few factors: WE DESERVE IT! Our A and even B clients realize the value we provide them. When clients are satisfied with your work and are provided with VALUE by the services you provide, reasonable rate increases are not a relationship breaker. As you pointed out, the cost of living is always increasing...it's called inflation! It is necessary for any business owner to continually adjust rates by the year. At the very least evaluate them. To piggy-back off that last point, business owners need to be proactive not reactive. Join professional associations that provide data and analysis from research and surveys they have completed within your industry. This makes it very easy to find conclusive data on where rates should be in whatever region you conduct business. It takes the guessing out of where you "believe" rates should be and provides a solid benchmark to work from.
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