Business Strategy for CPA's

Do you wonder how to price accounting services? Stop wondering, stop pricing accounting services, and start pricing for value you create. When you front-load your services with value, you have more latitude to price in a way that ensures both you and your client are mutually profitable in the exchange.  ///// If you want to know more about working with me to increase your profitability, put 15 minutes on my calendar: https://calendly.com/geraldinecarter/15min   Let me show you how 1:1 VIP coaching can help your business be more profitable and easier to run, in less than 5 months.  ///// This episode is a summation of everything that I've taken in over the years on pricing and how I've effectively used it for great results for my clients.  Topics covered:  why use price to improve profitability  six reasons why it's good for your clients when you charge them more  five reasons that hourly is so bad for your clients, and it's bad for you. value and price creating value without having to do that much extra work? tiered pricing or menu pricing how to raise your prices Highlights: — “Part of figuring out your pricing is also getting your packages together with your prices on the right track, so that you can stop having a million underpaying clients, and you can get your time back.”  — Remember, “It is good for your clients when your prices are higher.” — “Value creation helps you increase your prices.” — “When you can create a situation where it's high profit for you, the seller, and it's high profit for them the buyer, you create a win-win situation where you love selling, because it's nicely profitable for you, and they love buying, because it's nicely profitable for them.”  — “If you want to get your firm's packages and prices on the right track, if you want to stop having a million owner paying clients and you want to get your time back, start with value and use pricing as the tool to capture it.”  Earmark CPE podcast https://earmarkcpe.com/

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe   I want to talk to you about experience and transformation. Why? Because if you deepen your understanding of these two aspects of what you provide to your clients, you'll be able to make more money without working as hard. Many accountants are selling only services and deliverables. And they're missing out on selling transformation and selling an experience. And your buyers tend to value transformation and experience more highly than they tend to value services and deliverables.  I want to show you how you can sell these or how you can think about selling transformation and experience.  When you think first of the transformation you want your client to have, and the experience you want your client to have while working with you, you set yourself up to attract higher-paying clients. Your work is higher margin. And then you don't have to work so many hours trying to tie everything up at the end of the month and during tax season.   Highlights: — “Many of your clients are looking for transformation in terms of the revenue in their business and in terms of their understanding of and their sense of the handle they have or don't on their money.” — “Where you can create effortless value is in the onboard experience and your ongoing experience with clients.” — “Your prospects and clients value transformation and experience much more than they value services.”  — “When you can create value in ways that are divorced from actually doing work, that's how you get paid better without having to work as hard.” Episode mentions: 201 Effortless Value https://www.businessstrategyforcpas.com/201  

Do you wish you could communicate your value more effectively? Today I cover how to communicate value in more simple terms and more effectively so that your buyers and clients have a better understanding of what they're buying and why, and to make it more compelling for them to buy from you. If clients don't understand the terminology that you're using, they will have a very difficult time connecting the dots between the things that you're doing for them, the tasks that you're performing for them, the deliverables, the services, and how that is valuable to them in their businesses and in their lives. Here are six terms – deliverable services – that accountants and CPAs regularly use, where you can communicate value in more simple terms and more effectively:  Accounts payable - Make sure you're paying your vendors. Accounts receivable - You need cash to run your business: make sure that you're getting paid on time by your clients. Payroll - Avoid costly unforced errors - you don’t want to mess around with the IRS. Set this up right the first time.  Cash flow, including forecasts and projections - Make sure you know how much money you have available to invest in the growth of your business. Running your bank accounts dry is a recipe for running yourself ragged. Revenue recognition - Get a more accurate picture of your books and it will map more accurately and better represent how your business operations are running month-to-month. KPIs (key performance indicators) -  Know when your business is on track or if it's deviating from the plan that we've set, sooner than you would have had we not been tracking KPIs. Tie out your books, month-end-close - Make sure all your money is accounted for, at the end of every month.  Those are seven different places you can communicate value more simply, more effectively to better help your buyer see the value in what you're selling so that they appreciate the value more.  When they appreciate the value more, they're willing to pay more for it. And when they pay more for the very same thing, because you've communicated the value more effectively, it's one piece of you being able to earn more while working less.

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list   There's a giant new bill that just came out that we're trying to get on top of and underneath to understand where the business opportunities are. Here today to talk with me about this is my guest, Randy Crabtree, co-founder and owner of Tri-merit Specialty Tax Professionals, and the host of the Unique CPA podcast.   Highlights: — “Probably the major winner from somebody who's looking to build out a niche is something to do with the construction industry.”  — “There is a new rule regarding R&D, which probably tech startups are going to benefit.” — “Anybody that is helping manufacture equipment, potentially that's going to support the manufacturing of semiconductors can benefit from the CHIPS Act.” — “There are two different investment tax credits under the Inflation Reduction Act. One is tied to semiconductor manufacturing, and the other one is tied to green and energy-efficient manufacturing of equipment or recycling of equipment or renewable energies.”  — “There's an incentive for companies that deal with tech startups doing Research and Development. Startup companies can take the R&D tax credit, and at least a portion of it and offset payroll taxes.”  Connect with Randy: Website: https://tri-merit.com/ Webinar mention: Pricing for Improved Profitability: Practice Management Webinar https://www.youtube.com/watch?v=3EkcAAQQlOA  

Making better use of pricing tools is among the longest levers you have in your business to change your profitability, fast. Some say that Flat Rate Pricing is Cost Plus and not to use it, but I disagree, and I tell you why Flat Rate Pricing is a useful pricing tool in your accounting firm.  If you want more business strategy and pricing tips, be sure to subscribe to my Daily Newsletter at geraldinecarter.com/subscribe.

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Long time listeners to this podcast know I am on the hunt for a better business model for CPAs, than the traditional time-for-money-for-reports model. In many cases, that model doesn’t work well for the client, and for CPAs who are working long hours, that model doesn’t work great for them either.  CPAs may want to do things differently, but lack role models and examples they can point to to convince them they have other available options.  Here today to talk with me about his journey switching from the traditional model to a more limited size practice in medicine is Dr. Lewis Weiner.  Dr. Weiner is an internal medicine physician in his own private practice in Providence, RI. He offers the MDVIP program - a different approach to primary care with a focus on prevention and a better healthcare experience. Highlights: — “The breaking point comes when you feel like you're forsaking the patients you're caring for.” — “The fear of the status quo, the risk and the knowns of doing nothing were scarier than the potential for change.” — “What was scary about transitioning away was that people may not, or will not understand this thing. Why is this physician that we all know and has been a part of this community for so long, breaking away from the mainstream?” — “What helped to get past the angst was that there was so much belief in this being a valid, appropriate and positive option that's being offered to people.” Connect with Dr. Weiner: MDVIP Website: https://www.mdvip.com/  

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list One of the most common questions I get from readers of my email list is:  “How do I get high-paying clients?” This process need not be a mystery. There is a formula for creating high-paying clients, that gets you out of being at effect of outside forces, and gets you in the driver’s seat. These five steps are ones you can start implementing right away. Here are five steps you can use to create demand and attract high-paying clients: STEP 1 - Front-load the crap out of the value your service provides. Find all the ways to provide Effortless Value (listen to episode 201) and build those into your services.STEP 2 - Undercharge relative to the value to the buyer. Make the price an easy win for your client. This is much easier to do when your service is packed with value, because it allows you to float the price up in keeping with the value you added. Of course, make your price profitable for you too. STEP 3 - Always create demand. Always. Always does not mean sometimes. Or intermittently. Or once in a while. Or when you need a client. Or when you “feel like it,” or “don’t feel like it.” Always means always. You have 4 types of followers: new and existing, ready or not yet ready to buy. Cultivate all four groups by always creating demand. STEP 4 - Limit supply for your HIGH-VALUE package. The more demand you create, the more limiting supply becomes necessary. And limited supply enables you to select the best clients from your pool of prospects. STEP 5 - 100% control over 100% results. While you could focus on that which you cannot control, you are better off focusing on that which you can control. Much is within your control. Much more than you realize. If you're thinking, “Creating demand sounds great. And boy, I could use help with this.” This is what we work on throughout CPA Mastermind.  We help you niche so you can figure out who you want to provide value to. And we help you build that value out. We create packages so you know what you are selling, and so do your prospects. We price so you understand where your money will come from, how much you need to sell, so your clients know how much the thing they are buying from you costs. And then we build demand for high value, high-paying clients. CPA Mastermind is the only program out there of its kind. We're enrolling right now for the fall cohort. Enrollment is open until September 4th. Get in on this round. The next round isn’t until 2023. If you want high-paying clients and you want to take the mystery out of where they come from, get in on this round. You can go to https://geraldinecarter.com to enroll. Episode mentions: 201 Effortless Value https://www.businessstrategyforcpas.com/201

***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Sometimes you want to transition away from your current situation and create a new set up.  But between knowing what exactly to create, and how to create it, while transitioning away from the old thing can be a bit daunting.  Here today to talk with me about this is my guest Paige Gott.  Paige is the owner of Tidewater Consulting, and successfully navigated this transition over the last 18 months.  Highlights: – “I am making basically 130% more per month per client. And I have half the amount of clients than I did at that time.”  – “The best thing I did was go through my client roster and figure out what clients I had outgrown, or who didn't necessarily want or need the level of services I was going to be providing on a regular basis.” – “My clients are grateful that they can make decisions based on real evidence.” – “Getting my first client at four figures per month gave me a huge confidence boost, after which I felt better about giving people my prices.”  Connect with PAIGE: Website: https://tidewater-consulting.com/ Instagram: https://www.instagram.com/tidewaterconsulting/

Many of you know how difficult and time-consuming it can be to run a tax shop. It's all too easy to get buried under a mountain of tax, underprice services, and be in what feels like a near-steady state of chaos. My guest today is Catherine Ozment. Catherine is a CPA in south Texas who called two years ago now, wanting to get off the hamster wheel and get intentional about creating a thriving practice that is designed and built to sell at a high multiple. We're talking today about what has changed since we spoke last year on the podcast and what she has learned in the year since then, so that you can have a window into what shifting your accounting practice is actually like.  Highlights: — “We have an aging industry. Yet, technology continues to consume our space. Some older and aging senior CPAs are not keeping up with those times, so there’s an opening for those who keep up.”  — “When you have your sights set on excellence and you build relationships with your people, those people see that value and they are willing to pay you for that value.”  — “Getting myself out of the tax factory has made it possible for me to start networking in this (ag) space, and has confirmed that the value that we're producing is so well worth it for these people. We are offering a critical service so they can continue to grow in the ag space.” ***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list   Connect with CATHERINE: Website: https://www.farmandagcpa.com/ Episode mentions: 141 One Year: From Tax Factory to vCFO & Ag CPA with Catherine Ozment https://www.businessstrategyforcpas.com/141   142 From Impossible to Exponential Growth: The CPA Mindset https://www.businessstrategyforcpas.com/142   192 Free Time and 7 Figures Net Revenue with John Lee Dumas https://www.businessstrategyforcpas.com/192

Many CPAs struggle with pricing. Some have moved to flat rate or subscription pricing, and some still bill by the hour. For CPAs who are used to getting compensated for time and effort, it can be difficult to learn how to see value and to learn how to price accordingly. But if they don't make the transition, they risk underpricing themselves in perpetuity and having to keep working long hours to make up for unearned revenue.  To talk with me about this problem is my guest, Mark Stiving.  Mark is a pricing educator and advisor, the host of the Impact Pricing podcast and the owner of Impact Pricing, where he teaches clients how to win, keep, and grow customers to drive higher revenue. In Mark's most recent book, Selling Value, he shares his expertise to help companies win more business at higher prices.  Highlights: — “Salespeople need to know how people value products.”  — “Our buyers buy products because they want to solve problems.” — “The salesperson's job is to help the buyer understand the true amount of value they're going to get from the product.” — “Buyers who don't believe that you understand their problems won't listen to your solutions.” — “If we truly believe that we're going to deliver more value, we should make sure they understand the value before we give them the price.”   ***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Connect with MARK: Website: https://impactpricing.com/ LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com Episode mentions: 125 Value and Segmented Pricing for CPAs with Pricing Expert Mark Stiving, PhD https://www.businessstrategyforcpas.com/125 153 A Formula for Quantifying Value with Mark Stiving, PhD https://www.businessstrategyforcpas.com/153 172 Subscription Pricing Strategies with Mark Stiving, PhD https://businessstrategyforcpas.com/172 Mark’s book: Selling Value: How to Win More Deals at Higher Prices  https://www.amazon.com/gp/product/B09Y8V7FWX/