Are you set to charge what you’re worth?
Do you ever wonder how the average pricing for accounting professionals was set? Overall, pricing your services is a sensitive topic. That’s because your fees reflect your relationship with money. What would it take for you to charge what you’re worth?Do you ever wonder how the average #pricing for #accounting professionals was set? Read full post. #getpaidwhatyoureworth Click To Tweet
Charging too little shows you undervalue your service. Whereas, charging too much may raise concerns of judgment. Most firm owners determine the average rate that peers charge and then set their prices close to that rate. As a result, it’s likely that you’re undercharging.
Core values frequently conflict with a desire for more money. Whether you’re a bookkeeper, enrolled agent or CPA, this causes you to undercharge. Many of the conversations I’ve had about pricing go something like this: If I become too successful with too much money, then I would change and not be the same person. Basically, your income remains constant until you resolve this clash.
The Affordable Dilemma
Consider the possibility of doubling or even tripling your rates. Notice the specific thoughts which pop into your head. Are they positive or negative thoughts?
Common thoughts which create resistance to raising your rates include:
- Clients will not pay more than my current fees.
- I may lose clients and can’t afford to do that.
- I couldn’t afford to pay those new fees so why expect anyone else to pay that price.
As a result, your fees fail to reflect your value.
Follow this 5 step process to confidently charge what you’re worth.
- Clarify. Clarify your beliefs related to money and wealth. Are they positive or negative? Is there a difference between money and wealth?
- Identify. These thoughts affect your outlook and your actions. Identify which specific thoughts may improve your cash flow and which hinder profitability.
- Explore. Consider alternative points of view. Write down as many different perspectives as you can.
- Highlight. Highlight the ones you find appealing. This will help you create choices.
- Release. What would you have to let go of in order to charge what you’re worth? What would happen if you raise your fees tomorrow? How would greater cash flow make a difference?
Breaking habits doesn’t work
Letting go of old beliefs is very difficult. Instead consider embracing a new and different belief. Choose one which is aligned with your firm’s growth.
Children are like this. They don’t break habits; they create new ways of doing things. Once your resistance is gone, begin to visualize the possibilities.
Raising your rates
Sharing your new rates can be uncomfortable. So, I teach my clients a simple strategy to reduce the discomfort. First practice stating your new fees aloud. Either you can do this with a partner or in front of a mirror.
Then use the big gulp technique. Take a big gulp of air before you tell your new fees to a potential client. Then quietly wait for a response. Getting your first client at your new rates is scary and exciting.
This is one way to increase your income without working more. By doing this, you earn more without working additional hours. Where do your prices need to be so they truly reflect your value?
When your rates reflect your value, your confidence grows. Your self-worth improves. And, your mindset gets upleveled.
If it was solely left up to you, how long would you think about raising your rates before you actually took action? Remember, your beliefs influence your rates.
My clients sometimes need to upgrade their beliefs about money and value. As we work closely together, their rates often increase by 2-3X. Separating your fees from time is the first step to charging what you’re worth.
Values and actions
Get a sheet of paper and create two columns. Over the left column title it Values. Go ahead and list your core values, your strengths and qualities. Title the right column Actions. Under the Actions the top half will be Pros. These are the actions which support your firm’s growth. After you have written all the pros, then write the Cons. The things you do which interfere with growth.
Next to each Action on the list, the pros and the cons, write which value it supports. After you have paired each action with a value, notice if a pattern emerges. This will help you see where your conflicting values lie. As a result, you gain insight into why you resist growing your accounting firm.Raising your rates takes courage - not confidence. The confidence comes later. Read full post. #getpaidwhatyoureworth Click To Tweet
Raising your rates takes courage – not confidence. The confidence comes later.
Follow these recommendations to charge what you’re worth and attract clients who understand your value. Right NOW claim your FREE RESOURCE to double your income while working half the time.