Here are five pointers picked up from discussions with firm leaders and advisers about the always-sensitive “dance” of how and how much to raise rates:
1. Do the math. Your costs may have risen this year, as the costs of a business often do: salaries, facilities, travel, equipment, software upgrades—all of those expenses involved in running a business have probably gone up. An overall assessment of higher costs can help your firm get a sense of how much firm revenue needs to increase to cover these costs.