In the first three months of this year, two business owners from different industries reached out to me with the same challenge. Both were approaching the $75,000 turnover milestone, which meant they would need to register for GST and increase their prices by 10%.

During our conversation they both lamented: “In today’s cost-conscious environment, surely a 10% price increase will drive clients away?” They were seeking strategies to minimize client loss from this unavoidable price hike.

My response? “What story are you missing in the narrative you have created about the price increase?”

Both business owners looked at me blankly. They shrugged their shoulders and responded that surely the conversation was about the price increase.

I suggested a different approach using this as an opportunity to express gratitude to your clients for supporting your business.  The story would be that because of that support the business has reached a significant milestone in the growth journey – the requirement to register for GST. As a result, from a date they set, prices will include an additional 10% for GST.

As I explained this perspective, I saw their faces illuminate with an understanding that this was not a story about raising prices – it was a story of growth and success. A much easier conversation to have with clients!

I further suggested they only apply the price increase to new clients, with the business absorbing the GST for loyal clients for services delivered in the next 60 days. For those clients, this would be the owners’ way of saying thank you for their support in making the business successful.

Both owners loved this approach and left our conversation bubbling with anticipation to implement it.

The lesson I draw from these two conversations is that a business coach will help business owners see their challenges from a different perspective, which will lead to different answers they had not considered to deal with that challenge.