How to Increase Profits and Cash with Recurring Revenue

 

In my last blog post, I took you through 7 benefits of recurring subscriptions. Check it out if you missed it. Now, let’s look at how we can implement recurring subscriptions into our businesses as accountants and bookkeepers.

Bear in mind, of course, that to some extent we are already doing this. One of the great things about our business is, when you win a client for compliance services, whether that’s bookkeeping, annual financial statements, advisory work, tax returns etc., the great news is, that client will usually come back next year, and the year after that. They tend to stay with us.

We are fortunate in some respects that we have that recurring revenue. But there are some other levels that we can take this to to really make the most of this opportunity.

 

 

Starting simple: Getting paid monthly in advance

 

Think about any service that you currently offer to your clients which is recurring. Perhaps that’s something you typically do...

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The 7 Benefits of Recurring Subscriptions

 

This blog post is all about how we can increase our profits and the value of our firms using recurring revenue. This is a huge opportunity that the most successful businesses around the world are already taking advantage of. Plus, it’s a topic close to my heart because my entire business has been built around it for the past 18 years.

 

To some extent as a profession, we already have an element of recurring revenue. One of the great things about our business is, when you win a client for compliance services, whether that’s bookkeeping, annual financial statements, advisory work, tax returns etc., the great news is, that client will usually come back next year and the year after that. They tend to stay with us.

We are fortunate in some respects that we have that recurring revenue. But there are some other levels that we can take this to to really make the most of this opportunity.

Imagine you have 100 clients. What if you could find a way for each and every...

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5 Ways to use Facebook to Win More Clients – Part 2

winning clients Jul 10, 2022

 

Facebook is so powerful for winning new clients. In fact, I think it’s the most powerful platform we can be using to build our expert position and connect with potential clients. Find out why here.

In my last blog post, I took you through the first 2 ways you can use Facebook to win more clients. Check it out if you missed it!

Now, in Part 2 of this series, I’m going to share with you the last 3 ways to maximise Facebook’s potential.

 

 

#3 – Facebook Groups

 

Most people hang out on Facebook to some extent. However, they’re not all in the same place, and your ideal clients aren’t just magically going to find your Page and content. First, you need to figure out where on Facebook you can find your ideal clients hanging out. This is where Facebook Groups come in.

Groups are something that really sets Facebook apart from other platforms. Yes, you can get LinkedIn groups, but they have terrible engagement. I have a group with...

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5 Ways to use Facebook to Win More Clients - Part 1

winning clients Jul 03, 2022

 

In my last blog post, I went over the reasons I believe Facebook is the most powerful social media channel when it comes to marketing and winning new clients. In this blog post, I now want to share with you 5 ways that you can use Facebook to win clients. This blog post has the first 2 opportunities, and next week I’ll share with you the last 3.

 

 

#1 – Facebook Ads

 

Let’s get this one out of the way, because it’s the only one on this list that will cost you any money, plus it’s the most complicated and time-consuming.

One of the things that Facebook does want you to do is ‘pay to play’, and so Facebook Ads can be incredibly powerful for reaching a large audience. You can be very specific about the type of people you want to be targeting with your Ads. This is great if you have an ideal client profile or a specific niche you’re looking to work with. If you want to work specifically with more manufacturing...

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Why Facebook is so Powerful for Winning Clients

winning clients Jun 26, 2022

 

 

In my next blog post, I’m going to share with you 5 ways to use Facebook to win more clients. But first, let’s talk about why Facebook is such a powerful platform in the first place. After all, we’re accountants and bookkeepers, why should we be using social media to promote ourselves?

One thing I’ve learnt over the years is that social media is incredibly powerful from a marketing point of view, so it’s important we get to grips with it to truly take advantage of this opportunity to win new clients.

 

 

“Networking on Steroids…”

 

When I ran my accounting firm back in the 1990s, there was no social media. I wish I’d had that opportunity available to me when I was growing my accounting firm because one of the ways I grew my firm was through networking.

I hated networking! I’m an introvert and I found it really uncomfortable meeting strangers and talking to people. But that was what you had to...

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Avoiding the Commodity Trap: 3 Ways to Create More Value

In the first of this series of three blog posts, I explained what the commodity trap is, and the big mistakes our profession makes that lead to working way too hard for way too little money.  I told you that the key to avoiding commoditisation is differentiating your services so that they cannot be compared to others’.

 

Then, in my last blog post, the second in the series, I showed you how we can differentiate anything, and explained that we need to follow a high differentiation, high value pricing strategy to stop being seen as a commodity and stop pricing too low. 

 

In this final blog post, I want to share with you three different aspects you need to think about in order to create more value for your services following that high differentiation, high value model.

 

Tangible Benefits

 

The first thing you need to think about is how can create more tangible value or benefits.  What I mean by that is, whatever service you’re thinking...

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Avoiding the Commodity Trap: 3 Pricing Strategies

In my last blog post, I talked about what exactly the commodity trap is, and the big mistakes our profession makes that lead to working way too hard for way too little money.  I told you that the key to avoiding commoditisation is differentiating your services so that they cannot be compared to others’.

 

In this blog post I’m going to show you how, with a little creativity, we can differentiate anything, including our services.  I’ll take you through 3 different pricing strategies that we can follow and explain which one is going to help you to differentiate your services so you can stop being seen as a commodity and stop pricing too low. 

 

We can differentiate anything…

 

First, let’s look at examples of how anything can be differentiated with a little creativity. Take one of the most common substances on the planet: water.  We might think of water as being a commodity because we can simply turn on a tap and it...

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Avoiding the Commodity Trap: The Big Mistakes

What is the Commodity Trap?

 

A commodity is a product that has become interchangeable with the same product from other sources; customers perceive the product as being identical regardless of the source.  When customers view your product or service as a commodity, the only differentiating factor becomes price.  This is a bad thing because it means customers will go for the cheapest option, forcing us to compete on price.

 

I see people posting online about compliance services like bookkeeping, payroll, tax returns etc. being commodity services.  That’s a big mistake.  These services are not a commodity unless you think they are.  What we need to do is banish that commodity thinking.

 

The BIG Mistakes…

 

One of the big mistakes that we make in our profession is very simply: we price WAY too low. 

 

I see this over and over again.  I did it myself when I started my accounting firm back in 1996.  For...

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How a Bookkeeper Increased Her Prices by Almost 60% After 12 Months - Interview with Lana Jo Hill

inspiring stories Feb 21, 2022

 

I interviewed Lana Jo Hill in July 2020 because she was having extraordinary pricing successes, despite some personal challenges and the world going into lockdown.  Lana talked about scope creep and the importance of working with the right clients.

If you would prefer to watch the full interview, you can find it on my YouTube Channel here: https://youtu.be/HACoKZ77ltU

 


 

Lana Jo Hill’s Success Story

 

Lana owns her own virtual bookkeeping firm, Hill Bookkeeping and Consulting, based outside of Baltimore, Maryland. The business will soon be reaching its fifth year.

Lana started her virtual bookkeeping business to fulfil her passion for helping small businesses grow. Having a virtual business is also perfect for Lana as it allows her to spend more time with her two young boys whilst still continuing to earn an income.

  

The challenges Lana faced

 

One of the biggest challenges Lana has had to face is scope creep.

Her clients...

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5 Secrets to their Success - How a 2-partner firm went from nearly broke to a team of 12 in 4 years

inspiring stories Feb 14, 2022

 

Here is another inspirational case study from a multi-award-winning bookkeeper in Canada, Teresa Slack.

As always, if you would prefer to watch the full interview, you can find it on my YouTube Channel here: https://youtu.be/MlXQpU_TxKI

 


 

Teresa Slack’s Success Story

 

Teresa runs Financly with her sister Connie which they started seven years ago. From day one, they decided on being a virtual firm, and they grew really quickly thanks to networking events. They decided it was time to hire staff and hired three bookkeepers.

But they quickly realized that their hourly rate of $35 wasn’t enough to cover paying their staff and business expenses, and things got bad. In a recent interview I had with Teresa, she told me, “We actually hit a point where Connie and I had to put our own personal funds in just to cover our payroll. That was extremely stressful!” Teresa found there was nothing left after paying their staff to allow them to get...

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