The Unique CPA Crashing Through Accounting's Upper Limit Problem
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Dec 24, 2024 Loren Fogelman, a keynote speaker and business coach specializing in assisting accounting professionals, shares transformative insights for firm owners. She highlights the parallels between athletes and growth-oriented accountants, advocating for value-based pricing over hourly fees. Loren introduces her 'Raise Your Rates' formula and tiered pricing models to enhance earnings while reducing hours. The conversation emphasizes recognizing one's worth, effective delegation, and achieving a healthier work-life balance, crucial for financial success in the accounting field.
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The Upper Limit Problem
- Charging by the hour creates an upper limit on earning potential, tying income directly to hours worked.
- This can lead to lifestyle sacrifices and prevent firm owners from reaching higher income levels.
Missing March Madness
- Randy Crabtree missed March Madness in Las Vegas for years due to tax season workload.
- Changing his business model finally allowed him to attend, highlighting the positive impact of valuing time.
Price, Don't Bill
- Shift from billing (after work) to pricing (before work) to gain control over income.
- Pricing upfront changes the dynamic and avoids chasing payments, a common issue with billing.