On behalf of the Accounting Influencers Podcast Network, this is the “Influencers in Accounting” show, going live every Wednesday to 150 countries and 30,000 accounting practitioners, fintech specialists and influencers in the accountancy, CPA and bookkeeping space.
In today’s episode 14, “Raising Fees Without Losing Clients: Loren Fogelman.”
You can also watch this on youtube here: [link from spreadsheet]
Loren Fogelman Loren is an expert in pricing strategy and sales for accounting professionals. She coaches them to shift away from the “dollars-per-hour” pricing trap to a value-based pricing model. She is recognized by HubSpot as one of the world’s top business coaches. She delivers talks and workshops across the United States at major conferences such as Inbound, one of the world’s most esteemed content marketing events for entrepreneurs, as well as many niche accounting conferences.
She’s a regular contributor to Intuit’s Firm of the Future series, Accounting Web and the author of two Amazon best seller books: The Winning Point: How to Master the Mindset of Champions and The Success Solution: Break Through Limiting Beliefs for Business Success.
Key takeaways from this episode include:
★ what stops accountants from charging what they are worth and communicating their value
★ why accountants have emerged as unsung heroes from the pandemic because of how they’ve helped their clients
★ where to confidence to promise accountants they can ‘double their fees without working extra hours’ comes from
★ the importance of mindset for accounting professionals who lack the confidence to do something different and raise their fees
★ the kind of things that erode the confidence of accountants beyond their technical expertise
★ how the rates accountants charge are directly related to their self confidence
★ the differences between high and low quality clients for accounting professionals
★ why it is important for accountants to use the right words to communicate value and price rises to their clients
★ the key difference between value pricing and fixed pricing for accountants in practice
★ the three main ways accountants, CPAs and bookkeepers can increase their profitability
★ the surprising percentage of clients who will stay with their accountant after a significant increase in fees
★ what employed accountants who lack the power to set rates can do to convince firm owners and leaders to raise fees
★ what a pricing department or fee specialist might do to increase profit margins for an accounting firm
★ the key steps required for accountants to raise the fees of legacy or long-standing existing clients
★ what to say and not to say when justifying to accounting clients why fees are being increased
★ how accounting packages can separate value from fees and hourly rates
★ how accountants can prepare for natural objections and resistance from clients before they arise
★ the problems with the word ‘value’ and how it is seen differently by different people
★ what clients really care about when it comes to products and services from their accountants
★ the three things clients look for when they are considering staying with and growing with their accounting advisors
★ what makes some accounting clients leave a firm and why it is often good for accountants to let them go
★ free resource link to help accountants package their services and thus value price their offering: https://www.businesssuccesssolution.com/package/
★ how the three tier ‘good, better, best’ pricing works for accounting professionals who want to significantly increase their rates
★ words of encouragement for accountants who want to get started and make changes with their pricing structures
★ what the ‘upper limit challenge’ looks like for accountants who lack the courage to value price
A reminder of 5 great shows in the Accounting Influencers Podcast Network:
❶ Success in Accounting – MONDAYS. Our flagship main show features panels, live interviews and replays of our most popular shows.
❷ Insights in Accounting – TUESDAYS. The best news, analysis, commercial awareness, news under microscope, podcast mentions and recommendations.
❸ Influencers in Accounting – WEDNESDAYS. Deep dive 1-1 interviews with leaders, experts, influencers from around the world.
❹ Best Practice in Accounting – THURSDAYS. Practice development, growth, management, consulting, examples, stories and practical here’s what works stuff for accountants, bookkeepers and the fintech/software people who serve them.
❺ UK Matters in Accounting – FRIDAYS. A UK focused show featuring UK related topics, news items, events and interviews.
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