The Value Pricing Podcast

Have you ever heard that dreaded phrase:“That’s too expensive!”When clients say that to you, it makes you instantly want to start throwing discounts at them, desperately trying to keep their business. Honestly, it’s embarrassing.But you really don’t need to discount – EVER. Here’s why ‘that’s too expensive’ is actually the best thing you could hear…Most accountants and bookkeepers are undercharging for their services. If you have never had a price objection it means you are clearly one of them. But your service is VALUABLE and DESERVES a high price.When someone says your price is too expensive it most likely isn’t, you just need to communicate your value better. When you under price and the client immediately says ‘yes’ you have left money on the table. But when you price too high, you know you are above your clients’ willingness to pay and you can work with them to bring the price down by altering the service.  In today’s episode you will learn:✅ Why ‘that’s too expensive’ should be your favourite phrase✅ 4 reasons that people object to your price ✅ How to identify the 4 different types of buyer✅ A 6-step process for handling price objections When you can change up your mindset and understand that price objections are actually an opportunity to deliver more value to your client, you will no longer be afraid of hearing that dreaded ‘it’s too expensive’ phrase’.

Here is a common myth about having a niche:“If I focus on just one niche I will have less clients to choose from”.So many people think this, it seems logical that the pickier you are with your clients, the less clients you will have…But the opposite is actually true. When you position yourself as the expert people will flock from far and wide to work with you because you are the best. Think of it this way…If you had to have brain surgery, would you pop along to your local hospital or would you seek out the best, most reputable brain surgeon you can find and travel a long way to have them specifically perform the surgery?Your clients will do the same thing when choosing their accounting professional. They want to know that their business is in the safest possible hands. Now, let’s say you were a restaurant owner, and you had these 2 options for your accounting professional:-        ‘We do everything for everyone and we are really cheap’-        ‘We specialize in restaurants, have experience in the industry and have successfully and consistently saved restaurant businesses thousands in tax.’Who are you going to choose to work with?Being the expert makes you valuable, it makes you sought after, and it means people will be willing to pay a higher price to work with you (because they will recognize your authority and expertise). In today’s episode you will learn: ✅ 3 steps to positioning yourself as the expert✅ 3 opportunities for speaking✅ 3 types of content that will help position you as the expert When you position yourself as the expert you will win more of the right type of client that is well suited to your business, appreciates the work you do, values you as their accounting professional and is willing to pay a high fee to work with you.   

Getting the right price is so infuriatingly difficult. And the bad news is… your current prices are most likely WRONG!People always ask me “So, how do I know when my prices are right?”There is a really simple answer to this – you can’t. (Well, that’s a really short podcast episode…) Look, you are never going to know if your price is correct because every client is willing to pay a different price. We aren’t mind readers – we don’t know what their maximum budget is (and it’s not like we can just ask them). But the thing is, the fact your prices are never ‘correct’ can actually be a good thing.And there are plenty of techniques that you can use to make sure are getting as close as possible to that maximum price. In today’s episode you will learn:✅ The 7 essential factors to consider when coming up with your price✅ Why there is no such thing as a market price✅ How to alter the perception of value so clients are willing to spend more✅ 5 top strategies for getting the highest price possibleYou will never know what the right price is because the right price simply does not exist. People value things differently and supply and demand are constantly changing – so your prices need to constantly change as well.Listen now!

2022 was the year that was billed to be an economic boom for the UK which was allegedly going to be comparable to the post WW2 boom. The post COVID boom has come but things are not turning out as expected though.- Brexit- Post COVID employment and labour shortages- Post COVID supply chain issues- Inflatio- The war in Ukraine- Political and societal uncertainty.... are all contributing to significant uncertainty in all aspects of business and life.Why is this important?Accountants are critical in creating certainty in uncertain times but that is difficult when there is uncertainty in our own businesses.Accountants were the front line heroes that kept businesses and their owners on track when the pandemic landed. It's different now but we are needed more than ever before.Never before have we been as busy. Never before have we been in as much demand. There are more clients and there is more work but never before has it been as difficult to secure the people and the resources to get the work done.We need to get really clear on what we are doing? What is important to us? How we are going to get a better result?The latest episode of the Value Pricing Podcast is now available: Facing into challenging economic headwinds with Des O’Neill In today’s episode you will learn:⓵ Changing our Strategy and Business Model to reflect the realities of business and the world we are operating in, in 2022.⓶ Adopting a different approach to people and accessing resources Post-COVID.⓷ Regaining clarity on who the clients are that we are meant to serve and identifying the ones we may need to let go of⓸ Refocusing on our pricing and product and adopting new tactics that will get a better result for the firm, the team and the clients⓹ Creating a predictable pipeline of the new clients that we want and need that fit in with our new strategy and business model⓺ Relieving the short-term pressures on you, the firm owner, and your team. Join Des and I as we discuss the current trends in the industry and the 6 steps accounting firms need to take now to stay successful in these ever-changing times.And check out the CPD Store here: https://www.cpdstore.co.uk/pages/cpd-club-200

I hear problems like this all the time…“The client hasn’t done what they promised!”“The client has asked for me to do more work that I didn’t price for.”“It’s taken me longer to do the work than I initially thought.”“The client’s business has grown and there is more work now.”These are all examples of scope creep.Scope creep is a huge problem for a lot of accountants and bookkeepers – so many are losing money because they don’t know how to price for these scenarios and end up just taking a hit rather than asking the client to pay up.The main reason these problems arise is because there was not enough clarity in the original agreement. When you sign up a new client for one of your services, you need to manage their expectations. If the client understands exactly what they get with your service (and what they don’t get), what’s expected of them, and how the price might be altered if their circumstances change, it will prevent any fee disputes and stop you from losing out due to scope creep.  You can manage your client’s expectations through a Fixed Price Agreement. This is a document that lays out the details of your service and how the fixed price is determined. Should the client’s circumstances change, they request some additional work, or they fail to deliver on a promise, you can simply refer them back to the Fixed Price Agreement to explain the resulting adjustment in price. The client has total clarity – and you will never make a loss from scope creep again. The latest episode of the Value Pricing Podcast is now available: How to Set Out Your Fixed Price Agreement In today’s episode you will learn:✅ How scope creep can be the biggest financial drain on your business ✅ How to manage your clients expectations to avoid scope creep✅ The 9 essential elements to add to your Fixed Price Agreement ✅ What to do if something changes, or the clients doesn’t do what you expectedListen now!

In life, ‘you get what you pay for’. Everyone knows this. Whether you are paying your cleaner, having your boiler replaced, or going on a vacation – everyone understands as a general rule the more valuable option comes with a high price. So, when you charge a really low price for your accounting and bookkeeping services, what do you think people are people going to assume about the quality of your work?Your price represents your value. A low price means low value – at least, that’s the perception.  The thing is – accounting and bookkeeping work is hugely valuable. Accounting professionals can be the difference between a business failing or succeeding. It can be the difference between a business owner being able to pay their staff or put food on the table for their kids. Your impact is immense – and immensely valuable.So, it’s only right you charge a high price for that service. When you charge a low price, it means you have to work crazy long hours just to make ends meet. That can leave you burnt out, but even worse…You are doing your clients a disservice when you charge low prices.You’ll miss out on extra opportunities, you’ll miss small details in the work, or you’ll rush to get the job finished. Not because you are bad at your job – far from it! But when you are stretched so thin, something will inevitably slip. When you charge the high prices you deserve, you can dedicate time to each client and deliver them a service that is hugely valuable. Your clients will be happy to pay that high price because they understand ‘you get what you pay for’.The latest episode of the Value Pricing Podcast is now available: How to Be Comfortable with Charging High Prices In this episode you will learn: ✅ How a bookkeeper got C$128,800 for one client after just one month of value pricing✅ The reasons why the accounting profession is underpricing (and how to avoid making the same mistakes)✅ Why charging a low price is unethical✅ Powerful strategies for charging higher prices without resistance Listen now!

Netflix really got it right when they opted for a subscription-based business. The great thing about subscription is you get a monthly recurring revenue, so you can spend your time delivering extra value to your customers knowing that the payment side of things is already taken care of.  It’s how I price my Academies so that I can continue to deliver more and more value to the members without having to review the prices all the time, or have a difficult pricing conversation for each service.The world is moving from products and services to subscriptions, favoring access and transformations over ownership and deliverables. There are so many advantages of a subscription model to you. Not least, predictable revenue and a higher value firm at exit. For the customer, it provides peace of mind, convenience, recurring value, and a frictionless experience.In this episode I’ll be talking with Ron Baker, founder of VeraSage Institute, and author of Time’s Up!: The Subscription Business Model for Professional Firms, for a thought-provoking session on why and how the subscription business model will be the firm of the future.The latest episode of the Value Pricing Podcast is now available: How to Move Your Accounting Firm to Subscription with Ron Baker In today’s episode you will learn:✅ The advantages of a subscription model to your firm, including how you can get a competitive advantage through collective knowledge of your customers✅ Plussing your offering — only uncommon services command premium pricing✅ The Revenue Question: What are you asking your customers to pay for?✅ Your value is greater than the sum of scope of services✅ The three strategies to pivot to the subscription business model Listen now!You can find Ron's new book 'Times Up! The Subscription Business Model for Professional Firms' here: https://www.thesoulofenterprise.com/timesup 

Have you ever been sat in the back of a taxicab watching the meter in the front slowly tick up and up?Do you ever wonder if the driver chose the ‘scenic route’ to get more money out of you?And every time you stop at a red light or get caught up in a bit of traffic, you watch that meter tick higher and higher and your ride gets more expensive with every minute.  You’re on edge the whole ride fretting over what the final cost will be.It’s an awful feeling. That’s exactly what your hourly rate does to your clients. When you can’t give a definite price, your clients can’t plan or budget, they have no idea what the price is going to be, and they think more about the time you are spending on the job than the quality of the work you are doing.It’s an awful way to price – not only do your clients hate it, it also brings you a really low profit.  When you move to fixed pricing, you can give your clients those things they need – certainty, assurance to plan and budget, and a stress-free service.That’s valuable. And you will win more clients when you communicate just how valuable and FAIR this pricing structure is. The latest episode of the Value Pricing Podcast is now available: How a Fixed Price Approach Can Win You More ClientsIn today’s episode you will learn:✅ Why hourly rates are bad for your business✅ 4 ways in which your clients benefit from your fixed pricing approach ✅ 3 steps to using your fixed price approach to win new clients ✅ 2 practical examples you can use to communicate your new pricing structureListen Now

If you get an email in your inbox tomorrow inviting you to spend $200 on a webinar from John Smith on business success strategies, are you going to sign up? I’m guessing not.Now if that same email came from Sir Richard Branson, how about it?John Smith might have better content, he might be a better presenter, he might give you more value but… you’ve never heard of him! You’ve got no idea whether it’s worth spending your money on him.But Sir Richard Branson is famous – he is well known and considered an expert with experience. He has a reputation, and you KNOW him, you LIKE him, and you TRUST him to deliver valuable information. SO, how can you build a reputation like Sir Richard Branson?By putting out content.When you consistently deliver quality content, potential clients will start to recognize your expertise and authority. And people want to work with the best! Would you rather work with Sir Richard Branson on business success, or John Smith? (I know who I’d pick…)Your clients want to know they are working with the best accounting professional. Someone who can meet their needs and go above and beyond the regular accountant and bookkeeper. You need to show them that person is you. Of course, creating content can seem like a daunting job, and maybe you think you don’t have the time for it. I felt the same way a few years back when I started with content marketing, and now I post a variety of content every week including videos, emails, blogs, podcasts, social media posts and live training.You can do it too.In this episode you will learn: ✅ What content marketing is and why you must embrace it if you want to win the best clients,✅ The top 3 forms of content you need to use✅ How to create content fast so you build your brand and positioning✅ The 5 golden rules of content marketingListen now.

‘That all sounds great! So, what’s it going to cost?’PANIC! Whenever I heard this question, I used to go into panic mode – I’d freeze up, I’d stumble out something like ‘oh, well, let me take a look at some things and I’ll get back to you…’ – cringe!Then I’d send a proposal in the mail (with a price WAY TOO LOW). The pricing conversation used to be something I absolutely HATED. I had no idea what to price, I felt like the client was always going to think I was too expensive and complain, and I felt like I really needed to convert loads of clients to grow my business. So, I underpriced for way too long. I won over 200 clients in just 4 years - and almost went bankrupt because of it. It wasn’t until I discovered value pricing that I saw the error of my ways.I can’t even describe the relief – and the amazement – the first time someone accepted a price 3 times what I originally charged without batting an eye!With value pricing, I could break the pricing process down into 3 steps and charge a premium price with absolute confidence the client was going to be happy to pay. The client could see the value, and CHOSE to pay a high price for it.It changed my life. So, I’m sharing the process with you. In this episode you will learn: ✅ The 3 stages of the value conversation✅ The 3 types of questions to ask to uncover what your client values✅ How to get your client to value your service✅ The 2-meeting approach to pricing✅ How to get the highest possible price from your client When you can structure your value conversation and confidently charge high prices, you will never have to struggle or feel uncomfortable talking about the price again.