Deliver More Value and Increase Your Price Per Client
Scotland is a brilliant country, full of history and culture. But what does Scotland have to do with how to deliver more value and increase your price per client? This week’s video is coming to you from Edinburgh and what I want to talk about this week is pricing in your accounting business. It’s all about pricing – value and price and the combination of the two.
While here in Edinburgh, I booked myself a hotel room just down the road called The Scotsman Hotel. It’s just brilliant. It’s not cheap and in fact, I would definitely say it’s on the pricier side. But it’s got value – there’s so much value by being right here on the Royal Mile. I just zipped up to Edinburgh from Glasgow to check things out and I decided that for this trip I’m gonna treat myself to a nice hotel. But the only reason why I decided to pay a higher price is that this specific location and the hotel amenities have more value to me.
When it comes to your accounting practice, how do you charge a higher price? How can you get a higher price per client? Let’s do the math…if every client paid you 25% more, you’d make that as an automatic profit and in turn, it would increase the value of your practice. You could actually work with fewer clients if you wanted to.
So what does it mean? It means that it’s all about the price per client. That’s the most important thing. But the problem is, how do you increase the price?
How Do You Increase Your Price Per Accounting Client?
There’s actually a solution to this problem that works. You have to increase the value you deliver to your clients. Most accountants when I tell them they have to deliver more value to their clients almost curl up in the fetal position and say I give up, I don’t want to do this anymore. I used to do that too because we’re working like crazy and we don’t want to think about having to work harder for our clients to be able to charge a higher price is actually painful.
So how do you give them more value without us having to work harder?
That’s what the Account Success Formula is all about – it’s about changing the billing model. As soon as you shift the billing model, you shift your positioning, and you shift the client conversation. Those are the three things you do to create more value so that you can charge a higher price just like the Scotsman Hotel can do to me here on the Royal Mile because it’s delivering more value.
If you want to get a higher price per client, you have to increase the value you deliver. How do you do that without busting your brains and working more hours? You have to change your business model. Are you interested in learning more about the value pricing model? Check out my Guide to Value Pricing for Accountants here.
That’s it for me today. I’m going to walk up the rest of the Royal Mile and then check out the castle and underground tour that should be really cool. Stay tuned for my next post from Scotland.
I’m Erik Solbakken, reminding you that when you take back control of your business model, you can take back control of your life. Stay tuned for more success tips and don’t hesitate to let me know what you think about this week’s video.