Now that we see clear signs of the economy turning around, maybe it’s time to consider raising your rates. Only you can tell if the timing is right, but if your customers are starting to provide you with greater requests for your product or service, this may be the time.

Here are five approaches to increase your rates. You don’t have to use them all, but if you use even one or two, you’ll see an immediate increase in profitability.

Five Approaches to Increase Your Rates

1. Introduce new options, some with higher pricing. Give customers a choice from which to say “yes.”

2. When business is referred to you, charge a higher rate for that new business.

3. Start pricing increases with the bottom 20% of your customers; if they don’t agree, consider eliminating them.

4. Stand before a mirror and practice stating your increased rates.

5. Be prepared to walk away if the customer tries to beat you up on price.