Got a letter from my solicitor last week that I’ve been dealing with for 2 years now.
“We advise that at the beginning of each financial year we undertake a review of our schedule of charges and hourly rates. This review takes into account increases in CPI and the costs associated with the operation of our practice over the last twelve months.”
It’s got me thinking – most of us are reluctant to increase our own rates, yet other professional industries that we “aspire to be like”, i.e. accountants, solicitors etc., this is common practice. We in the SMB IT Professionals industry like to think of ourselves as professionals in similar ilk to Accountants and Solicitors. Yet it seems we’re paralysed in fear about increasing our rates lest we lose a client due to the rate rise.
Why are we so scared of increasing our rates?
Why when our staff demand pay rises due to CPI, should we NOT raise our rates?
What are you doing about it and how would you handle something like this?