At Renew, it’s always a pleasure to help our clients make informed decisions about their financial situations.
Recently, we received an email from Julia, a Renew member, asking for our assistance on pricing.
She was looking for guidance on how to price her services for a unique project involving an angel investor and his start-up companies.
After reading Julia's email, we realized that it was important for her to focus on the value of the project to the client. The client had chosen Julia over a big firm, and he valued her personal touch and expertise. He viewed her as an expert and valued access to her. We also advised Julia not to worry about the potential downside to the client if the start-ups fail. Investors understand the risks associated with early-stage investment, and Julia's role was to improve her client's financial position through her expert advice, NOT to guarantee the success of his investments.
With these factors in mind, we advised Julia to increase her price. When you know the quality of the value you provide, there’s no reason to hold back on pricing – your clients choose you for a reason and they will expect to pay more for great service.
What’s more, if you find that you are losing clients to price, rather than lowering your fees, consider whether they’re actually the right clients for you. More often than not, those that value price over service are not looking for a long-term, high-quality relationship with your firm and will instead be more likely to engage you for small amounts of tedious, yet time-consuming work, the definition of the Insanity Zone!
Don’t fall victim to catering for Insanity Zone clients. Be like Julia and know your worth!
About Renew
Renew Group’s focus is making tax season less daunting and creating a better life for CPAs by commanding premium pricing with the right clients through leading with advisory services. Renew’s platform is rich with content & applications, collaboration tools & community engagement plus events. Renew’s world class coaching and consulting is supported by the fastest and most potent responses in the industry.
Renew Group firms thrive as profitable modern firms.
About the Author: Colin Dunn
Colin Dunn is a co-founder of Renew Group, a leading advisory firm that specializes in helping small CPA firms transition from compliance-based practices to ones that lead with specialized advisory services. With over 25 years of experience in the accounting industry, Colin has helped countless firms build successful advisory practices and achieve their business goals.
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