Most accountants have some difficulty in charging their worth.
The majority of the time it comes down to one thing:
Most of us battle with setting a higher price. We might fear not being good enough, we might fear we are not as good as our competitors or that people will not pay that much.
And then we offer a discount or price services way too cheap.
And during economic downturns this fear can kick in even more.
Some of us have been told from an early age not to be too pushy, which stops us increasing our prices.
And for us Brits we have that particular trait of not being too pushy.
But in the accounting profession, not charging enough for your services isn’t just affecting you. It is killing the value of accounting.
Let me explain:
Say you charge £1000 a year to work with you
But the accountant John down the road charges £800 and your prospect then asks for a discount because John is cheaper.
So you discount and offer your services for £750.
So now the value of accounting services have been driven down, because now your services are worth £750 not the £1000 you were going to charge.
I see this happening everywhere around the world. Accountants discounting their services… thinking they are doing the right thing for them and their clients.
But in fact you are destroying your profession:
Bob discounts because he wants the work, then John discounts to get the work from Bob, then Jane discounts because in her town accountants are cheap so she needs to be cheap (thanks Bob and John), then Hanley discounts because he is just starting up and asked Jane for advice on pricing, then Ben discounts because he met Hanley at an event and Hanley was much cheaper than him, then Jude, Frank, Jeff also discount… and so on… and so on…
And now your profession’s value has been driven down. And it is your fault. Because you did not charge your worth.
So what is the alternative?
VALUE. The alternative is to share the value that you truly provide. Change the way you are perceived through the language you use, the marketing you do and the results you get for your clients. Show that you are not a compliance necessity but in fact a VITAL asset to a business.
And stop freaking discounting.
You are not just killing YOUR practice when you are discounting, but you are killing the ENTIRE profession.
It is your responsibility [First Name] to take the first step. Increase your prices right now. The next proposal you send out – increase your price by 20%.
If the whole profession increases its prices by 20% then buyers will have no other option to pay. There will not be a cheaper alternative for people, because the whole profession has raised its value and is on its way to charging its worth.
And if you choose not to raise your prices because others might not and you are scared, then you are going to compound the problems that accountants are having.
I have an audience of around 30,000 across my database and social media. If every one of you raised your prices and spread the word to all of your connections and peers then the whole profession will UPLEVEL and it won’t take long.
It’s my mission to help you get paid your worth. But I am just one person. We have to do it together, And it starts with you.
Let’s not have a race to the bottom, let’s stand strong and be paid well for your excellent service to businesses around the world. You are a VITAL asset to a business. Price accordingly.