#1 Charging for your services based on hourly rates vs charging your services based on 𝘷𝘢𝘭𝘶𝘦
If you charge for your services based on an hourly rate, you should consider switching to a value based model.
The reason is simple, how much value you bring to the table is not based on the amount of time you spent doing something. It is based on your knowledge, expertise and experience.
The ironic thing about charging hourly is that as you get better at doing the work, the amount of time you spend doing the task goes down…𝘶𝘮𝘮𝘮𝘮….𝘸𝘢𝘪𝘵 𝘸𝘩𝘢𝘢𝘢𝘢𝘢𝘵??
The best way to price your services is by asking yourself, “𝘞𝘩𝘢𝘵 𝘪𝘴 𝘵𝘩𝘦 𝘳𝘦𝘴𝘶𝘭𝘵 𝘸𝘰𝘳𝘵𝘩 𝘵𝘰 𝘮𝘺 𝘪𝘥𝘦𝘢𝘭 𝘤𝘭𝘪𝘦𝘯𝘵?”
What may be second nature to you is 𝗹𝗶𝗳𝗲 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴 to someone else. Charge what you’re worth and back yourself!
#2 Selling services vs selling 𝘱𝘳𝘰𝘣𝘭𝘦𝘮 𝘴𝘰𝘭𝘷𝘪𝘯𝘨
Selling services is basically telling clients or future clients, this what I do.
While that is important, the client or future client isn’t an accountant so they probably have no idea what that means for them.
Instead, focus on the 3 main things a business owner is looking for.
Firstly, business owners are looking to increase profits or revenue.
Secondly, business owners are looking for more time or flexibility in their schedule
Thirdly, business owners are looking to make more impact on the world.
Talk about your services in accordance with how they will improve profits, create flexibility in time or make a bigger impact.
#3 Being a generalist vs a 𝘴𝘱𝘦𝘤𝘪𝘢𝘭𝘪𝘴𝘵
It’s probably true that you can work with almost any business and help them.
It’s also probably true that 𝘁𝗵𝗲 𝗷𝗮𝗰𝗸 𝗼𝗳 𝗮𝗹𝗹 𝘁𝗿𝗮𝗱𝗲𝘀 𝗶𝘀 𝗮 𝗺𝗮𝘀𝘁𝗲𝗿 𝗼𝗳 𝗻𝗼𝗻𝗲.
Instead, focus on a specific group of people otherwise known as a niche (easiest is to pick an industry).
Serve those people at the highest level possible.
Position yourself as a key strategic partner inside and you’ll develop a deep understanding of their business of personal finances.
Each niche or group of people will have a set of problems that are almost universal to them.
For this group of people, these problems are business as usual.
However for you, this group of problems means higher fees, higher quality clients, more flexibility and a higher impact!
𝗪𝗵𝗶𝗰𝗵 𝗼𝗻𝗲 𝗼𝗳 𝘁𝗵𝗲𝘀𝗲 𝟯 𝘁𝗵𝗶𝗻𝗴𝘀 𝗮𝗿𝗲 𝘆𝗼𝘂 𝘀𝘁𝗶𝗹𝗹 𝗱𝗼𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀❓
Does this makes sense to you and can you picture yourself scaling your practice?
Well if this is something that resonates with you and you believe you will need some help on this journey, feel free to schedule a FREE needs analysis call where we will discuss getting you new clients and scaling your practice. Click the button below to schedule your FREE call
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After having spent 3 years auditing at Grant Thornton in South Africa I packed my bags and left to go on a journey to the epicenter and the hub of the financial world, New York City.