Raising Your Rates Makes Sense
"How do I raise my rates?"
"How do I make more money as a CPA?"
"How should I price my services?"
All part and parcel of the same great question.
From the outside, it looks like this: ??
1. CPAs are logical people, therefore
2. Logic says to raise rates, therefore
3. Raise rates.
But in practice, that's not what happens...
We know this, because countless CPAs undercharge for their services, despite being intelligent, logical people.
So what's really going on? ??
What's really going on is this:
?? Logic is not the thing that drives decisions.
Feelings, and feeling avoidance, drives decisions.
Feeling confident... drives decisions.
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Here is how my clients price their services, raise their rates, and make more money as a CPA: ??
1. They deeply understand their client's unmet needs.
2. Then they design and build services to meet that need.
3. They pilot-price those services at the lower end of the range, on purpose.
4. They make offers while facing the fear of being turned down.
5. Then they reorient to reality given the response.
6. Their confidence increases, from practicing making offers, receiving yeses, and surviving no's.
7. They experience delivering a higher level of value.
8. Then they receive positive feedback from clients excited about the higher level of value.
9. Then go, "OH!! Look at all the value we create in this new way of working together! Holy $HIT! This is really worth it!"
Then they...
10. Raise rates.
...
Raising rates, making more, pricing better... is a result of being willing to face fear, refusing to stand still in order to avoid rejection, and actively building your confidence. ??
Raising rates isn't a result of logic. ??
For more resources on raising your rates use the link to get FREE instant access to my list of "7 Ways to Raise Prices on Existing Clients." ?? https://bit.ly/3YqQ58Q
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This is a great article! The biggest obstacle that I have found in raising rates is that you encounter many more "You are too high" than, "Wow, this is a great price for the value that we receive." Communicating value is tough - much of it is emotional - and as a CPA, I have a hard time quantifying the emotional. But, the other side of the coin is to know that receiving "no" answers is normal. We would all love that magical marketing machine that gives us the perfect client at the right price for us. But, that magical marketing machine does not exist. It is like one marketer said: It is normal to have rain/snow in your life. Do you stop going outside because it is raining? No, so raise your prices. I am also talking to all of my clients this year about the minimum wage increase in Florida. If you are not getting at least a 10% increase/year in your net income, you are falling behind. Every business Owner needs to look at raising their rates.
Marketing for Accounting Firms | Storybrand Guide | Niche CMO
1 年I’ve heard it said that you’re morally obligated to charge as high of rates as you can because: A) Being more expensive makes you more credible in the eyes of your clients, so they’re more likely to trust you and follow your advice. B) Youll have the capacity to devote the resources necessary to actually do what your clients need instead of being stretched to thin with too many clients and not enough time/staff. Both of these things are in your CLIENT’S best interest. If you charge too little you’re doing them a disservice.