Mainebiz

V O L . X X X N O. I I JA N UA R Y 2 2 , 2 0 2 4 10 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E and has had an overwhelmingly positive impact on the neighbor- hood," said Phil Crowell, Auburn's city manager. "But the need for an enhanced, expanded facility has become apparent." e Police Activities League was established by the local police department more than 10 years ago, when the depart- ment's analysis of crime data found that a significant percentage of crimes committed by youth offend- ers, crimes against youth and police calls for service in Auburn took place within an area of less than half a square mile. N O T E W O R T H Y C E N T R A L & W E S T E R N Rogue Life Maine donated $213,472 to the Victims & Families Fund within the Lewiston-Auburn Area Response Fund as part of its Lewiston Strong fundraiser. Ainsworth, Thelin & Raftice, a law firm in South Portland, opened an of- fice at 243 Main St. in Kingfield. Find the right IRA plan With the start of MERIT in 2024, businesses can take ownership of their IRA packages. Gorham Financial Group offers customizable retirement programs that are right for your business and your employees. LESLEY WARN Registered Representative, LPL DIRECT (207) 383-9120 EMAIL Lesley.Warn@lpl.com Connect with Gorham Financial Group's Lesley Warn to explore options. Securities and advisory services are offered through LPL Financial (LPL), a registered advisor and broker-dealer (Member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Gorham Savings Bank and Gorham Financial Group are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Gorham Financial Group and may also be employees of Gorham Savings Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Gorham Savings Bank or Gorham Financial Group. Securities and insurance offered through LPL or its affiliates are: NOT INSURED BY FDIC OR ANY OTHER GOVERNMENT AGENCY | NOT GORHAM SAVINGS BANK GUARANTEED | NOT GORHAM SAVINGS BANK DEPOSITS OR OBLIGATION | MAY LOSE VALUE. A S K AC E A n s w e r e d b y P r i s c i l l a H a n s e n M a h o n e y , B l a z i n g T r a i l s C o a c h i n g L L C The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: My accountant suggested I should raise my rates this year. I'm afraid if I do, I will lose the clients I've worked hard to gain. What should I do? ACE advises: If your accountant suggests bumping up your rates, take the advice seriously. It may be uncomfortable to raise rates for longstanding clients. However, unprofitability is far more uncomfortable. Here's the lowdown: First, check to see if your current rates cover your costs, including costs of expansion. Team up with your accountant to crunch numbers on material costs, labor (including salaries and benefits), and overhead costs like taxes, rent, insurance, marketing, and transportation. Ideally you should aim for a healthy profit as compared to others in your industry. If you are scaling, aim somewhat higher so that you can reinvest in your business while keeping your cash flow healthy. If you're not hitting those targets, it might be time to raise your rates. Second, consider the value each client brings to your business. Some are gold mines, bringing in referrals, being easy to work with or paying up fast. These gems have earned a lower rate. On the flip side, if you're struggling to cover costs, deal- ing with late payments, or hav- ing constant hassles with a tricky client, a rate hike might balance things out. Third, do some digging. Check out what customers are pay- ing for services like yours and determine whether your rates are competitive. If your proposals are usually accepted, you might be able to raise prices without breaking a sweat. While the fear of losing clients is real, a well-thought-out rate increase can align revenue with expense and keep you in the game. Former ACE President Priscilla Hansen Mahoney is the founder of South Portland- based Blazing Trails Coaching LLC. Blazing Trails helps clients create systems and strategies enabling clients to scale their businesses through planning and preparation while maintaining profitability. Reach Priscilla at priscilla@blazingtrailscoaching.com

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