Critical Steps to Raise Your Rates without Losing Clients
You think about raising your rates, but haven’t done it yet. A price increase is one of the toughest challenges for accounting professionals.
85% of accounting professionals work 40 hours or more per week. Meanwhile, 57% undercharge for their services and 15% feel they need to work a second job just to make ends meet.
You worry that if you raise your prices you’ll lose business. But what if you could seamlessly transition clients to your new rates – and only work with clients who value you?
You know what you want. Now discover the exact steps to confidently grow a prosperous firm without burning out.
Be prepared to roll up your sleeves and apply your brainpower to some new, more effective ways of thinking about how your business creates value for your clients and dive into the many different ways to set new rates which reflect your value.
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Presented by Loren Fogleman
Produced by Alicia Yoss & Alanna Regalbuto
Graphics By Flaticon.com and iStock
Music by Bensound.com
Education and Compliance By K2 Enterprises (https://k2e.com)
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Educational Use Only. The information presented in this presentation is for educational use only. The presenter will make specific recommendations, but the participant is highly recommended to do their own due diligence before making any investment decision.
------------- Contents of this video -------------
00:00 - Intro
07:24 - What are the five steps to the raise your rates formula?
11:08 - How to deal with the internal resistance against raising your rates?
13:00 - What are three options for increasing profits?
14:14 - What do you need to consider about your clients?
16:28 - How to recognize a client's value?
18:20 - How to calculate value?
19:32 - What are the benefits of raising the value of a client?
25:27 - What is the essence of value pricing?
26:02 - What does it mean when five percent leads to twenty-two percent?
26:38 - What are three things that clients consider when hiring your firm?
29:31 - How to communicate your value?
31:12 - How do you start separating your fees from time, and how do you transition to value pricing?
36:54 - What's a free resource to start packing and pricing your services?
38:18 - Who do you start with first, new clients or current clients, when raising your rates? (Chat Question)
41:24 - What are the five steps to raising your rates with existing clients?