The Abundant Accountant: Leads, Sales & Business Growth for Accounting, Tax and Bookkeeping Professionals 018 | The Best Pricing Strategies For Accountants And CPAs With Dominique Molina
Would you believe that one of the most common questions I get from accountants is about how to price their services?
Our guest today is the Co-Founder and President of the American Institute of Certified Tax Planners, Dominique Molina. She is a best-selling author and a frequent television guest and media expert on tax issues. She has previously been named as one of the “Top 40 Under 40 Most Influential Accounting Professionals” by CPA Practice Advisor Magazine.
Your pricing strategy will determine so much about your business - the profits you make, the clients you work with, the number of hours you work.
But so many accountants don’t fully understand all of their options.
There are five basic ways to price your services:
- Hourly pricing
- Flat Free pricing
- Retainer pricing
- FREE or market value pricing
- Value pricing
Before you decide on one, take time to get to know the pros and cons of each of these. You may be surprised by how such a simple choice can impact everything about your business, and lead you to an abundance of clients!
In this episode of The Abundant Accountant podcast, The Pitch Queen along with Dominique Molina discuss five major pricing strategies and show how each of them impacts your business. By choosing the best pricing structure for you, you can prepare yourself for an abundance of clients!
Enjoy, and thank you for listening and tuning into The Abundant Accountant Podcast!
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Do You want to MAKE MORE MONEY, WORK LESS HOURS?
Join me so you can unlock the secrets to growing a profitable accounting firm with less stress by joining our upcoming Abundant Accountants Masterclass!
You will learn:
- The easiest ways to sift through clients and get to the RIGHT ones!
- Proven tactics to actually get paid instead of giving away FREE advice!
- How to stop competing on price FOREVER!
Join our Abundant Accountants Masterclass today over at theabundantaccountant.com.
Here are a few key secrets we talked about in this episode:
- Michelle Introduces Dominique Molina and her business.
- Your pricing strategy is one of the most important decisions that you will make about your business, and will impact everything!
- The pricing model that you choose reveals what is important to you.
- There are 5 basic pricing models: hourly, flat-rate, retainer, free or market value, and value-based pricing.
- What are you being paid for? Your time, your expertise?
- In hourly pricing, you are being paid for your TIME.
- Time is limited - we only get 24 hours per day - once it’s gone, it’s GONE!
- Our industry is so unique it is hard to do one thing for multiple clients - most of the work is so unique it cannot be replicated.
- Hourly pricing is harder to leverage.
- Flat fee pricing covers a task from start to completion but is often estimated based on the amount of time that it takes to do the project.
- Another option is retainer pricing, but again, what is the cost based off of? Most accountants will base it off their TIME rates.
- Some people use a FREE pricing strategy, and use that to convert free clients to paying clients.
- Market value is when accountants and tax professionals charge what the market will handle by looking at what peers and colleagues are charging.
- Value can be defined as the maximum amount that a customer will pay for anything.
- Customers don’t always care about the nitty-gritty or the hard work that goes into getting them the end result - they care about the RESULTS that you bring them.
- Value-based pricing is based off those results and outcomes!
- Value-based pricing asks if you helped your client achieve their goals. If so, get a piece of those results as your fee!
- You have to know what is special about what you have to offer when you charge value-based pricing. You have to provide opportunities and skills that no one else can.
- Keep your client front and center!
Learn More & Connect With Me Here!
- Read The Abundant Accountant Blog
- Certified Tax Coach website
- Dominique’s Facebook page
- Join us on Facebook
- Follow Michelle on LinkedIn
P.S. Do You want to MAKE MORE MONEY, WORK FEWER HOURS?
Join me so you can unlock the secrets to growing a profitable accounting firm with less stress by joining our upcoming Abundant Accountants Masterclass!
You will learn:
- The easiest ways to sift through clients and get to the RIGHT ones!
- Proven tactics to actually get paid instead of giving away FREE advice!
- How to stop competing on price FOREVER!
Join our Abundant Accountants Masterclass today over at theabundantaccountant.com.