February 6, 2020
Do your prices reflect the value you provide to clients?
If you’re working at or close to capacity, whether it’s just you or if you have a team, are your profits at a level you’re happy with?
Do you review your prices regularly?
Do you have a process to distinguish between simple queries which should be free and more complex matters which need to charge for?
Are your fee proposals transparent, can clients see exactly what work you are doing for the fees you charge?
Do you show the value of the services you provide?
Do you have a pricing process which enables you to price consistently?
Too many ‘no’ answers?
Do you find it difficult to discuss fee increases with clients?
Do you give too much away for free?
Do you have any clients who you’ve been working with for more than 2 years and haven’t increased their fees?
Too many ‘yes’ answers?
You need to get your pricing right, the earlier you do, the better for the success of your business and your health.
Putting your prices up can seem like a daunting prospect but approach it in a sensible way clearly demonstrating why and showing the value you provide to clients and its one of the quickest ways to get you and your practice back on track.
Even small increases have a big impact.
If you have 50 clients with an average fee of £150 a month. A £10 monthly fee increase for all clients would add £6,000 per year to your fees.
A £6,000 increase in profit, without having to do any extra work.
How many clients would argue about a £10 a month fee increase if you explained it in a simple e-mail or over the phone?
Now imagine the impact a sensible fee increase would have, communicated over the phone, online, using video or in person.
Approach it in a structured way, demonstrating the value of the services you provide and get paid for the value you provide.
In the next blog post, I’m going to be talking about hiring a team.
If you’re ready to start or are already running your own accountancy practice, here are 5 ways I can help you run the practice you want, the way you want:
1. Get in touch and arrange a free 30-minute discovery call.
2. Read my e-book about how I transformed my practice.
3. Attend one of our regular Mastermind Events.
4. Join one of our Mastermind Groups.
5. Work with me on a 1-2-1 basis.