In this episode of "All Things MSP," hosts Justin Esgar and Eric Anthony dive deep into the critical topic of pricing strategies for Managed Service Providers (MSPs). They discuss the pressing question of whether MSPs should raise their prices in the coming months and why this is crucial in today's evolving market. Justin and Eric emphasize the importance of knowing your desired income goals, understanding your costs, and consistently reviewing pricing structures.The hosts explore various aspects of pricing, including the significance of regular price increases, the impact of vendor price changes, and the pitfalls of maintaining stagnant rates. They debunk the myth that pricing should remain unchanged for existing clients and assert that it's essential to factor in cost-of-living adjustments to contracts. Additionally, they touch on the Gary Vaynerchuk model of incrementally raising prices for new clients until reaching a cap.Justin and Eric provide practical advice for MSPs, whether they aim to maintain a lifestyle business or aspire to substantial growth. They stress the importance of knowing your numbers, setting clear revenue targets, and continuously evaluating your pricing strategy to ensure profitability and sustainability. The episode offers valuable insights into the financial side of running an MSP and provides actionable takeaways for MSP owners looking to thrive in a competitive market.