Jun 15, 2019
Would you believe that one of
the most common questions I get from accountants is about how to
price their services?
Our guest today is the
Co-Founder and President of the American Institute of Certified Tax
Planners, Dominique Molina. She is a best-selling author and
a frequent television guest and media expert on tax issues. She has
previously been named as one of the “Top 40 Under 40 Most
Influential Accounting Professionals” by CPA Practice Advisor
Magazine.
Your pricing strategy will
determine so much about your business - the profits you make, the
clients you work with, the number of hours you work.
But so many accountants don’t
fully understand all of their options.
There are five basic ways to
price your services:
- Hourly pricing
- Flat
Free pricing
- Retainer pricing
- FREE
or market value pricing
- Value
pricing
Before you decide on one, take
time to get to know the pros and cons of each of these. You may be
surprised by how such a simple choice can impact everything about
your business, and lead you to an abundance of clients!
In this episode of The Abundant Accountant
podcast, The Pitch Queen along with Dominique Molina discuss five
major pricing strategies and show how each of them impacts your
business. By choosing the best pricing structure for you, you can
prepare yourself for an abundance of clients!
Enjoy, and thank you for
listening and tuning into The Abundant Accountant
Podcast!
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thoughts:
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Do You want to MAKE MORE MONEY,
WORK LESS HOURS?
Join me so you can unlock the
secrets to growing a profitable accounting firm with less stress by
joining our upcoming
Abundant Accountants Masterclass!
You will learn:
- The easiest ways to sift
through clients and get to the RIGHT ones!
- Proven tactics to actually get
paid instead of giving away FREE advice!
- How to stop competing on price
FOREVER!
Join our Abundant Accountants Masterclass today over at
theabundantaccountant.com.
Here are a few key secrets we
talked about in this episode:
- Michelle Introduces Dominique Molina and her
business.
- Your
pricing strategy is one of the most important decisions that you
will make about your business, and will impact
everything!
- The
pricing model that you choose reveals what is important to
you.
- There
are 5 basic pricing models: hourly, flat-rate, retainer, free or
market value, and value-based pricing.
- What
are you being paid for? Your time, your expertise?
- In
hourly pricing, you are being paid for your TIME.
- Time
is limited - we only get 24 hours per day - once it’s gone, it’s
GONE!
- Our
industry is so unique it is hard to do one thing for multiple
clients - most of the work is so unique it cannot be
replicated.
- Hourly pricing is harder to
leverage.
- Flat
fee pricing covers a task from start to completion but is often
estimated based on the amount of time that it takes to do the
project.
- Another option is retainer pricing, but again,
what is the cost based off of? Most accountants will base it off
their TIME rates.
- Some
people use a FREE pricing strategy, and use that to convert free
clients to paying clients.
- Market value is when accountants and tax
professionals charge what the market will handle by looking at what
peers and colleagues are charging.
- Value
can be defined as the maximum amount that a customer will pay for
anything.
- Customers don’t always care about the
nitty-gritty or the hard work that goes into getting them the end
result - they care about the RESULTS that you bring
them.
- Value-based pricing is based off those results
and outcomes!
- Value-based pricing asks if you helped your
client achieve their goals. If so, get a piece of those results as
your fee!
- You
have to know what is special about what you have to offer when you
charge value-based pricing. You have to provide opportunities and
skills that no one else can.
- Keep
your client front and center!
Learn More & Connect With Me
Here!
P.S. Do You want to MAKE MORE MONEY, WORK FEWER
HOURS?
Join me so you can unlock the
secrets to growing a profitable accounting firm with less stress by
joining our upcoming
Abundant Accountants Masterclass!
You will learn:
- The easiest ways to sift
through clients and get to the RIGHT ones!
- Proven tactics to actually get
paid instead of giving away FREE advice!
- How to stop competing on price
FOREVER!
Join our Abundant Accountants Masterclass today over at
theabundantaccountant.com.