Ready to get paid what you’re worth?
Not all accounting professionals are created equal. You’re through working for someone else. Now what? Your first step is to establish your ideal practice. As you gain time and experience, you realize you’re undercharging.
This is especially common when you charge by the hour. Trading dollars for your time limits your earning potential. So, how do you get paid what you’re worth?
Nancy, an enrolled agent, was nervous as she announced her plans to go out on her own. The idea of growing a profitable firm was exciting. After several years on her own, she finally reached her limit.
Nancy had created another job for herself. Like most of the accounting professionals who are in my mastermind program, money is not her primary motivator. What drives her is the difference she can make for her clients without someone else calling the shots.
Winging it only gets you so far#Accounting professionals need to value their expertise before they can expect clients to value what they offer. Read full post. #getpaidwhatyoureworth Click To Tweet
Just because she has her own practice, doesn’t mean she’s a savvy business owner. She admits that her technical skills exceed her business skills. Until now, she grew her practice by winging it. But she finally reached her capacity, and there is no more room to grow.
As you know, there are risks to owning an accounting firm. Taking the leap from a steady paycheck to the uncertainty of business ownership is a big decision. She’s now dealing with burnout from being overworked and underpaid. Something needs to change, but what? She is already working hard IN her business. She’s now ready to work ON her business.
Nancy wants to make more money, but her current pricing creates an income gap. Her fees don’t reflect her expertise. She needs to value her own expertise before she can expect her clients to value what she has to offer. She wonders how to earn more without working more, but feels stuck attempting to figure this out on her own.
Discover how to get paid what you’re worth
Discovering her worth combines inner and outer work. Like many accounting professionals, she unknowingly positioned herself as a skilled laborer. As a result, she’s valued for fixing a problem. Period.
Several small, significant changes need to occur. Instead of offering a solution which fits her skill set, she shifted her approach to new client consultations. During initial consultations she does less talking and more listening. Asking “why” during consultations reveals her clients underlying concerns. This small adjustment highlights her expertise. Her clients now view her as a resource instead of a technician.Discover the specific questions which uncover your client’s real #accounting and financial needs. Read full post. #getpaidwhatyoureworth Click To Tweet
During our work together, we developed specific questions which uncover her client’s real needs. By asking great questions, her discovery sessions possess value which extends beyond the obvious. Even if she doesn’t immediately get hired, she helps her potential client gain clarity about their true underlying concerns. With this approach, her ideal clients recognize her value.
Follow these 5 tips to get paid what you’re worth:
- Shift your mindset. Fine-tuning her consultations was the first step. It’s difficult to get paid what she’s worth if a potential client fails to grasp the value she offers. While in the mastermind program, Nancy discovered how she differs from other enrolled agents.
- Separate fees from time. Nobody wants a client who watches the clock. Tying her fees to time categorizes her as an expense in her client’s mind. Partnering with her clients for a result, instead of time, is a game changer.
- Self growth. We addressed her mindset issue regarding money and worth. The thought of doubling or tripling her rates was uncomfortable at first. Who would pay for this? How could she justify this? Could she meet their expectations? Yes, mistakes were made along the way. Nancy’s conviction about her value grew as she figured out the process.
- Select your standard. A ton of enrolled agents seek new clients, virtually and regionally. There are even more options available when you consider off shore help. Strategic positioning placed Nancy as the “go-to” expert. She grew comfortable with exposing the gap between the issues and problems before discussing her services.
- Solve a need. This is the #1 action which separates her as an expert compared to other enrolled agents. Her consultation highlights the client instead of her. Nancy created a business model which solves a need instead of competes on price. Follow her lead to get paid what you’re worth.
Nancy upleveled her business. Her new clients value solutions instead of solely fixing problems. Within the first year, she doubled and then tripled her fees. This model, however, is not all about the money. It combines systems, strategy and mindset. She now focuses on helping her clients grow instead of how she could grow. The trust she gains from her clients, in turn, helps her to grow as well. It’s a win-win.
The possibilities are limitless
Discovering her value is the reason she attracts ideal clients who respect her and happily pay her fees. Nancy admits stating her value was uncomfortable at first.
Doing something new instead of sticking with something familiar stretched her. Nancy; fortunately, was prepared to do what was necessary. She wasn’t willing to tolerate burnout any longer.
Pricing by the hour positions her as a commodity instead of an investment. This isn’t what she wants any longer.
Technician to consultant
Nancy successfully transitioned from technician to consultant. As a result, she raised her fees. During the process, she discovered how she undervalued herself. Nancy knew she gave away a lot. She simply didn’t realize how much. All those minor write-offs add up over time.
Working closely together, and the feedback from the other mastermind group members, helped reveal the hidden benefits which separated her from the competition.Pricing by the hour for your #accounting services positions your firm as a commodity instead of an investment. Read full post. #getpaidwhatyoureworth Click To Tweet
Follow these recommendations for to increase your revenue and lighten your workload. Discover how to get paid what you are worth and attract clients who understand your value. Right NOW claim your FREE RESOURCE to earn more without working more.