Would you agree that adding as much value to our clients as possible is the right thing to do?
Now, let me ask you another question…
When you add immense value to your clients and change their business and their lives, do you deserve to get better paid for that?
I’m seriously hoping your answer was a resounding YES to both!
In the accounting profession, you hold your clients’ businesses in your hands – their livelihoods, their passion. You have the power to make a huge difference to their lives by helping them to build a better, more profitable business.
Accountants and bookkeepers do amazing work, and you deserve to be paid well for it!
When you price based on the value you deliver, it’s a win-win situation. Your clients get more value, and you get a better price.
That’s what value pricing is all about.
The reason our clients come to us is for the knowledge we have, whether that’s tax planning, technology to help improve their business efficiency – whatever it might well be.
We have huge amounts of knowledge, yet one of the biggest problems in our profession is we don’t spend enough time just thinking.
The reason for that is time-based billing…
There are many reasons charging an hourly rate is bad for your business, but in this blog, I’m going to focus on one particular reason…
When you charge based on the time you work, your mindset is focused on working efficiently and quickly. You try to avoid having to write time off so you don’t miss out on profit.
But this approach does not have the client’s best interests at heart.
You should be focused on adding as much value as you can to your clients.
“We can’t spend time thinking! Where does that go on the timesheet!”
Forget timesheets! You should not be pricing on the hour, but on the value you deliver.
If you stopped and really thought about each of your clients in turn, you have such a vast amount of knowledge you could easily come up with so many different ways to help them.
Here’s my suggestion…
Choose a client - one of your good clients – and find 2 hours in the week to think about how you can help them. Get away from your office, turn off your social media and emails and just dedicate some time to that client. Sit down with some paper and a pen and ask yourself…
When you ask yourself those questions and brainstorm over 2 hours with no distractions thinking solely about that client, I’m sure you will come up with plenty of ways to add value to that client.
You have so much knowledge based on your skillset, your previous experience with clients, and your own successes in your own business.
Once you’ve done that, have a meeting with the client and tell them about some of your best ideas.
You don’t need to worry about charging for that time.
What you are doing is demonstrating to your client how much you care about them.
If they love some of your ideas, you can then charge for implementing them.
You will find that the most profitable things you can do for your clients is NOT compliance work. The real money comes from value pricing things that will change your clients’ lives.
When you find a way to help your client save $20,000 in tax, or increase their bottom-line profits by $20,000, you can then price based on that value.
This is where you start to deliver extraordinary value to your clients and receive high fees for doing it.
Spending time on your clients shows you care about them and makes them value you more and become much more loyal.
Putting your clients first, thinking of them, delivering value and changing their lives is the right thing to do as professionals.
And when you do that, you can make more money too.
If you found this valuable and would like to learn more about value pricing, I run a free live online training session every month with a topic chosen by you. Attend live and you can ask me any questions you have. Click here to register and I will send you an invitation to the next session.
And if you would like to join a community of like-minded accounting professionals learning to price more effectively and confidently, you can join my Facebook Support Group here.
Wishing you every success on your pricing journey.
Chartered Accountant, Public Speaker and Author of Amazon No.1 Best Seller, “Effective Pricing for Accountants”
Your Pricing Journey gives you access to my pricing training delivered every month in easy to digest, and easy to implement, steps.
So if you sometimes find yourself working too hard, for too little money, this programme will solve that problem.