A-class clients are the backbone of highly successful accounting firms.
To offer them the level of service they expect, you need to decrease inefficiencies in your firm. Most of the time, you can achieve that by tightening your processes.
Don’t forget about your team
Prices don’t matter
I want to talk about stuff that’s CRITICAL if you want to keep growing your business.
Lead generation.
Because you have a lead generation strategy, right?
Don’t worry – if you chuckled or are wondering what you just read, you are not alone. Many accounting firms don’t pay much attention to the active lead generation.
New clients just magically appear, right?
Increase your charge rates?
I wanted to talk about your business model – and the money that you charge for your services.
If you’re a “standard” accounting firm, I bet your business model can be broken into the following steps:
– Complete a service
– Charge for the hours that you’ve worked
If yes, then it’s likely that you’ve trapped yourself in a transactional relationship.
Offer Value Not Time
Many of my clients when they first came to me, found themselves with, what they thought was, maximized hourly rates.
No matter how many extra services they added, they thought they just couldn’t justify increasing the amount that they charged for every hour of their time.
Not to mention that often, they spent more hours doing the work than they would charge their clients for!
The Wealthy Accountant: Creating Contents
Millions of people from all over the world are drawn to Machu Picchu in Peru. Its popularity is increasing every year. Why? Content.
The Wealthy Accountant: Changing The World
Just like Iguaza Falls in Argentina & Brazil, The Wealthy Accountant is viewed externally in a beautiful way.
Overworking and undercharging?
How often do you find yourself working way more than you charged for?
If you work long hours, delegate very little, and do work that you don’t charge a proper amount for, you’re making the three mistakes that are killing most accounting businesses.
In fact, these are one of the most common problems that keep the people who come to me for help from growing. The good news is, your accounting firm doesn’t have to look like that forever.
Why I believe in you
Did you know that there’s an estimated 500M+ of small to medium sized businesses in the world?
And pretty much every one of them is ‘connected’ to an accounting firm in some way, shape or form.
Be it by tax, compliance or audit.
Out of that 500M+, around 1.3M are accounting companies – just like yours – generating around US$500BN in revenue.
Having Fun Is Good for Your Business
Let me ask you this – do you often have fun at work?
If your answer is never or something close to it, it’s time to change it.
Having fun in the workplace helps you create an atmosphere you and your employees enjoy. And this can motivate them in ways other things can’t.
The last thing you want is having your team members bolt for the door at 5 pm.
Seven Tips for Building The Courage To Raise Prices In Your Accounting Firm
Tackling the price increase conundrum is pretty scary business. With these tips, you’ll build the courage to do it.
How open are you to making changes in your firm?
I think it’s an important question. Change requires upheaval. It requires you to throw a wrench in the works and mess with the status quo.