How to Become More Confident with Pricing

value pricing Aug 07, 2020

One of the things that holds us back in pricing is a lack of confidence.

Accountants and bookkeepers are terrified of hearing those dreaded words ‘that’s too expensive’. We have a fear of rejection, and so we keep our prices low in the hopes that the client will say yes.

Here’s the problem…

When your prices are too low you end up having to work much harder and much longer hours just to make ends meet.

You need to change your mindset. You need more confidence. Here are 5 things you can do to build your confidence in pricing…

(You can watch the video here).

#1 - Build Your Knowledge

Confidence comes from knowledge.

You need to become obsessed with gaining knowledge on how to value price.

If you don’t understand value pricing – the systems, the techniques, the price psychology – then you will always be a little apprehensive when giving your price.

It’s the same with anything in life: the more we learn how to do something, the more confident you are.

 

#2 – Have Pricing Systems

In our profession, we are very systematic in our thinking.

We use things like audit checklists, tax return preparation checklists, standard forms and letters. We have all these systems in place.

However, very few accountants and bookkeepers have systems in place for pricing.

Yet, pricing is one of the most single important things you need to get right in your business. So, if it’s so important, why do hardly any accounting professionals have pricing systems in place?

When you have pricing systems in place, it will give you more confidence because you are not having to make a number up on the spot – you can instead use a structure, a formula, or even pricing software to generate the right price that best meets the client’s needs.

 

#3 - Practise Makes Perfect

No one was born ready to price.

It’s something you learn through experience.

Once you have the knowledge, once you have the systems in place – start asking for more money.

It doesn’t have to be a lot, you can start by asking for 5% more. Then you can work up to bigger prices. The more you ask, the more you practise, the more you succeed in getting a better price, the more confident you will become.

 

#4 – Believe In Yourself

The main reason for a lack of confidence is your mental state.

I hate these phrases: ‘I’m just a bookkeeper’ or ‘I’m just an accountant’.

You are more than that. I see bookkeepers and accountants who have literally changed people’s lives. They have helped a client out with tax issues and got the taxman off their back saving them from huge penalties that could have destroyed their business.

But even more significantly, you can save lives.

I have heard stories from business owners struggling so desperately, on the verge of bankruptcy, stressed beyond belief and feeling like such a failure that they strongly considered taking their own life. But then a bookkeeper or accountant came to help and quite literally saved that person’s life.

This is the true power of the profession. This is what you are capable of doing, the impact you can have.

You understand the numbers of a business better than anyone else. You can give the best advice because of your experience and your knowledge.

What you do is hugely valuable to business owners. Remember that.

 

#5 – Celebrate Your Wins

Think back to all the work that you have ever done for clients.

What are the top 3 things you’ve done, or 3 clients you’ve worked on, where you have gotten a result that you are the most proud of?

It could be that you have helped someone save loads of tax, or sort out a cashflow issue. 

Sometimes, we forget the amazing things we do. But those things you are proudest of could have had a huge impact on the lives of those clients.

Going forward, I want you to celebrate every single win.

 Doing this will really help to change your mindset and boost your confidence.

When you are more confident about your value, you will be more comfortable asking for higher prices, and you will get those higher prices as well.

 


 

If this has been valuable to you and you would like to learn more about value pricing, I run a free online training session every month. You can attend live and ask me questions which I will answer there and then. 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 confidently and effectively, you can join the Facebook Support Group here.

Wishing you every success on your pricing journey.

Mark Wickersham

Chartered Accountant, Public Speaker and Author of Amazon No.1 Best Seller of “Effective Pricing for Accountants”

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