Reviewing every price every year
If you only raise prices when things hurt, you'll always be behind on margin.
Pick a date and protect it
Same date every year (often January 1 or the start of your busy season) for a full pricing review. Calendar it now. It moves margin more than any other single annual habit.
Review by service line, not blanket
Some lines need 3%, some need 12%. A flat across-the-board bump leaves money on the table on the underpriced services and shocks customers on the ones that were fine.
Don't apologize in the announcement
'Effective [date], prices for [service] will be [new]. We appreciate your business.' That's it. Customers respect operators who know their worth.
Take your version of this question further
This is one operator-tested angle on the question. Your shop, your size, your trade, and your team change the answer. Ask your specific version inside Ask a Shop Owner to get a response grounded in how owners like you actually handled it.