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Opinion: The Wrong Time To Raise Prices For Businesses

While many businesses are currently suffering (and even permanently closing), others are thriving in the current market. Companies that are deemed essential are growing, with many evaluating if raising their prices for their goods will be beneficial for their business and further growth. But where is the line between price gauging ($20 for a bottle of hand sanitizer) and a justified price increase? Costs are currently rising for many businesses, and their profits seem to shrink. Additionally, many companies are seeing an upsurge in their services. Those businesses are not essential, but people can operate those from the safety of their homes.

While a price rise was on the horizon for the this year for my business, I decided to hold off on it, and here is why. Since the beginning of the pandemic, I saw an upsurge in requests for both social media and website services. While the price rise was planned long before the up-surge and in any normal circumstances, a rise in demand would have supported a price rise even further. But, I realized I am not operating my businesses in ordinary conditions. To not only survive and thrive but also ethically get through this current crisis, I had to adjust my business to the new normal. Instead of a price rise, I kept my standard website package as it is, but brainstormed and developed Value Website packages that cater to the crowd that is suffering the most right now. Businesses with a lack of savings (and therefore a low budget) and a need for an online presence. It not only presents me with the opportunity to grow (even though more slowly) during this crisis, but it also helps business owners who can not afford the pricing of traditional website services. The test phase of those Value Pack (which are only $39 per month and come fully managed) only just rolled out. But, the packages are here hopefully to stay, so I can cater not only to established businesses but also to start-ups and companies with low-profit margins and the need to be seen.

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