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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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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Getting Stuff Done: Finding Clarity and Limiting Distractions

 

In my last blog post, in this series about getting more stuff done, I talked about the importance of energy and how we can find more energy to promote productivity.

In this blog post, I share with you how to get more clarity in our lives, as well as some of the biggest time-wasting distractions that get in our way, and some tips on how to limit them.

 

How to get more clarity

 

To get more clarity in our lives, what we need to do is figure out what our goals are. What do you want your life to look like? What do you want your business to look like?

Have you sat down and thought about your goals and where you want to be? Because a lot of people haven’t done that. So they’re working really hard and putting in lots of hours, but they’re not really going anywhere because they haven’t got that clarity.

One of the foundations that I like to teach is called Vision to Plan, which is a process that I’ve been doing now for 15 years. Because things...

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Getting Stuff Done: The Importance of Energy

 

Do you ever struggle with feeling overwhelmed?

We all do.

Because no matter how successful we are or how much stuff we manage to get done, we always want to get more done. So we start to feel overwhelmed and down for a while.

But largely we feel overwhelmed because we drive ourselves too hard. Or, sometimes, it’s because we’re lacking clarity.

 

In this blog post in a series on how to find the time to get stuff done, I’ll take you through why energy is so important for productivity, and how you can find more energy.

 

The Importance of Energy

 

Have you ever had those mornings where you’ve gotten to your desk with a big to-do list that’s been preying on your mind, and you sit there and just think, ‘I’m tired, I can’t, this is too hard, I can’t be bothered’? And the morning drags by because you’re so tired and overwhelmed.

When we feel like that, it’s because we aren’t bringing enough...

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3 Tips To Be More Confident Online

 

In my last blog post I went over the essential software and equipment that you need to start running your online business club.

Now, I want to give you 3 top tips for becoming more confident when speaking and teaching online so that you can start overcoming those barriers that I spoke about in a previous blog post.

 

1 – Know that you’re set up properly

 

In my last blog post, I told you the essential software and equipment you needed to get started. Knowing that you have the right equipment, you know how to use it, and it’s all set up correctly is the first step towards being a confident communicator online.

You need to make sure your lighting and camera are good so your audience can see you properly; your audio is good so they can hear you; and you have the right software set up to host your online meetings.

 

Now, occasionally stuff does go wrong, and that’s okay!

A few months ago, I was delivering a live session and we had...

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What Equipment Do You Need to Start an Online Business Club?

 

In my last blog post I covered the top 3 barriers preventing people from starting an online business club and how you can overcome them.

Now, I want to look at exactly what equipment and technology you need to get started with your online business club. 

The great news is you don’t need a lot of stuff! It’s really easy technology nowadays and you’ve probably already got the software that you need because you’re already using it for online meetings.

 

Software

 

The first thing you need is software for hosting your online business club.

When I started the Value Pricing Academy in 2014, I was using GoToMeeting, and then we shifted over to Zoom. But there are so many other platforms as well.

 

Hardware

 

The other thing you need is a few bits of hardware, which you also probably already have because in the last year or two we’ve gotten so used to meeting with clients online. So, you probably have the equipment you need,...

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Overcoming the Barriers Between You and an Online Business Club

 

In my last blog post I went through the 6 BIG benefits of starting an online business club. It’s an amazing opportunity that can not only add huge value to your clients, but also create a big revenue stream for you. Plus, it’s FUN!

However, there are 3 common barriers that might be holding you back from tapping into this great opportunity. In this blog post, I’ll take you through those barriers, as well as how to overcome them.

 

Firstly though, I want to highlight that whilst equipment and technology might feel like a barrier, it really shouldn’t be one! In my next blog post, I’ll take you through the very simple equipment and technology you need to get you started.

 

1 – “I don’t know how!”

 

Firstly, it’s actually not that difficult to build a business club. Secondly, if you don’t know how now, that’s something that I can help you with.

As I mentioned, in the next blog post I’ll be...

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