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How a CPA Can Raise Prices with Confidence
Today I want to talk with you about why checking in a few times a year on your best clients’ results and how you as a CPA contributed to their success can help you feel more confident in your pricing.
When CPAs take the time to stop and observe, what some of them find is that their best clients are getting amazing results. And that they had a hand in the creation of those results. But because those results had been invisible to them or because they had been dismissing their role in the creation of those results, they were undervaluing their services.
And when they were undervaluing, they were underpricing. And when they were underpricing, they were overworking to compensate. And when they were overworking to compensate, they’re spending more time at work than they need to be in order to make the same amount of money.
In addition to the quantifiable, like increased profitability and tax savings, there is also a value you might be adding to your clients’ lives that is simply not quantifiable, like:
- sleeping better,
- peace of mind,
- finally understanding their financials,
- trusting that they are getting the right information from their accountant,
- being more at ease in their business.
Not quantifiable, but have enormous value.
So if you ever have a sneaking suspicion you are not getting compensated for the value you contribute to creating, take yourself through this exercise. All you have to do is list out your top clients and rough in the outcomes and results that they have gotten since they started working with you.
Get it down on paper or in a spreadsheet and give yourself credit where it’s due so that you can see the part you play in contributing to the growth of your client’s businesses. By gathering this kind of evidence, it can be an enormous help in growing your confidence around raising your prices.
When you quantify the results you help your clients get, it helps you see more clearly the value you provide. It helps you stop diminishing your role, and it helps you own your talent. When those things happen, your confidence increases. And when your confidence increases, you can raise your rates. When you raise your rates, you can earn more while working less.
So I would love to know what kinds of big results have you helped your clients get over the last few years? If money is not your motive, maybe it’s time. I want to hear the success you are helping create in the world.
Stop being all things to all people: How to narrow your niche the easy way
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