Increasing your fees is an important part of the consulting, accounting and financial advising business. Many people struggle with how to go about doing this without making their clients feel like they are being ripped off. The best way to do this is by setting goals for what you want to achieve in terms of growth or industry recognition and taking clear steps to get there. Let’s take a look at the four key steps you need in order to increase your fees as an accountant, consultant or financial advisor.
#1 – Demonstrate Your Expertise
In order to charge premium fees, you need to distinguish yourself as an expert within your niche. And how do you do this? By creating valuable, helpful content that proves to your clientele that you’re the best in the business.
Creating blog posts, articles, social media content, webinars and ebooks are all great ways to showcase your expertise. Not only will this help you attract new clients, but it will also help keep your current ones happy and engaged.
Clients aren’t going to pay to work with you if they have know idea who you are. However, by creating content that solves their problems and positions you as an authority, you establish yourself as an expert – and people pay a lot to work with experts.
#2 – Value Pricing
You need to break free of the trap that is “pricing for the client.” You shouldn’t price according to how long something takes you or how difficult it is, but rather the value that it creates.
When you’re able to demonstrate the value that you offer, clients will be happy to pay your premium fees. After all, they are getting a lot more for their money than if they were to go with someone who is cheaper but doesn’t have the same level of expertise or experience.
Set your prices according to how much you’re going to deliver to the client. For example, if working with you is going to generate an extra $100,000 for a client, then it doesn’t matter what happens on your end; $100,000 is $100,000, whether it takes you 10 hours or 200 hours.
#3 – Brand Positioning
In order to increase your fees, you need to position yourself as a premium brand. This means having an online presence that is visible and credible, and delivering a premium experience that makes your customers feel good.
Often, the difference between low- and high-end pricing has less to do with the product itself than it does with the buying experience. A high-end brand provides an exciting and enjoyable customer journey that makes the customer feel good before, during and after the purchase.
By focusing on making sure that every interaction with your company is easy, enjoyable and memorable, you can position yourself as a premium brand.
Before you know it, clients will start expecting to pay more when they work with your company and that is exactly what you want.
#4 – Cultivate a Money Mindset
The ability to take the above steps rests more than anything on your mindset. You need to believe that you deserve higher fees and be willing to get out there and ask for them.
Asking for more money is hard, but it’s even harder when you don’t think that you’re worth it. When you are confident about what you’re bringing to the table, you’ll be able to ask for higher fees without feeling like a fraud.
Remember, it’s your job as an accountant, consultant or financial advisor to let go of any limiting beliefs that are preventing you from charging what you’re worth. You deserve it – and what’s more is that if you’re not being paid what you’re worth then you simply won’t be able to deliver the maximum value possible to your clients.
A big part of this is being the client that you want to have. If you behave like a vampire client and are constantly seeking your pound of flesh from others, it’s going to be difficult for you to attract the radiator clients who treat you with warmth and pay you what you’re worth. However, if you’re ready to invest in your practice then it’s much easier for you to expect others to do the same.
The four steps to increasing your fees as accountant, consultant or financial advisor are:
- Demonstrating your expertise through great content
- Pricing based on value rather than time or effort
- Positioning yourself as a premium brand and creating a great customer experience
- Creating the right money mindset and being the client you want to have.
Above all, don’t be afraid to ask for more money and repel the vampire clients. You build a freedom practice by working with high quality clients who are willing and able to pay you what you’re worth.