Critical Steps on How Accounting Firms Can Raise Rates without Losing Clients

Introduction:

Join us in this enlightening podcast episode where Ganesh Ranganathan, CEO of Integra Global Solutions, and Loren Fogelman, Business Coach for Accountants at Business Success Solutions, share invaluable insights on “critical steps on how accounting firms can raise rates without losing clients”.

In this episode, you’ll cover:

• 02:19 Strategies to Increase Pricing: Three main ways to increase pricing and profit margin: bringing in more clients, cutting costs, and increasing prices.
• 05:46 Dissecting Clients for Profitability: Identifying low-value and high-value clients and strategically focusing on high-value clients as the firm grows.
• 08:13 Value Angles for Accounting Firms: Differentiating between low-value and high-value clients and focusing on service delivery and client relationships.
• 10:48 Communicating Value to Clients: Understanding client’s challenges, educating them about solutions, and stepping into client’s shoes to communicate the value of firm services.
• 14:38 Successes with Value Pricing: Success stories of clients recouping coaching investment within 90 days and increasing revenue by following a client-centered process.
• 16:55 The value conversation: Loren discusses the importance of having a value conversation with clients to show them the benefits of engaging in services.
• 19:29 Client retention and revenue: Loren explains that around 82% of clients tend to stick with the firm when implementing a five-step formula, leading to higher revenues.
• 27:04 Communicating value and differentiation: Loren emphasizes the need for accounting professionals to communicate their value and differentiate themselves to attract and retain clients.

Podcast Summary:

Did you know that up to 57% of accounting professionals are currently undercharging for their services? It's time to break free from the limitations of undervaluing your expertise. Raising your rates not only increases your profit margin but also allows you to elevate your business without the need for additional hours.

The fear of losing clients when raising prices is a common concern, but what if we told you there's a way to seamlessly transition your clients to your new rates? Discover actionable strategies to effectively communicate your value, ensuring you attract and retain clients who truly appreciate your services.

In this podcast, Ganesh Ranganathan and Loren Fogelman dive deep into the proven methods that will empower you to:

• Confidently raise your rates without fear
• Communicate your value proposition effectively
• Transition clients seamlessly to new pricing structures
• Cultivate a client base that truly values your expertise

Whether you're a seasoned accounting professional or just starting your accounting journey, the critical insights shared in this episode will pave the way for a more prosperous and fulfilling career.

You can find more information at https://www.businesssuccesssolution.com/package/

About our Guest:

Loren Fogelman is a keynote and one of America’s top-ranked business coaches. She’s been recognized by HubSpot in its annual list of the world’s top 22 business coaches.

She delivers talks and workshops across the United States at major conferences such as Inbound, one of the world’s most esteemed content marketing events for entrepreneurs, as well as many niche accounting conferences.

Loren is an expert in pricing strategy and sales for accounting professionals. She coaches them to shift away from the “ dollars-per-hour” pricing trap to a value-based pricing model. This allows her clients to reduce workload by as much as 50% while doubling revenues.

She’s a regular contributor to Intuit’s Firm of the Future series, Accounting web, and the author of two Amazon best-seller books: The Winning Point: How to Master the Mindset of Champions and the Success Solution: breakthrough Limiting Beliefs for Business Success.

About our Host:

Ganesh Ranganathan is the President and founder of Integra Global, a leading accounting outsourcing company. Ganesh is a seasoned executive with more than 25 years of experience in the accounting outsourcing industry.

Ganesh is committed to creating a supportive work environment that fosters creativity and innovation, and he is passionate about delivering exceptional customer service in the accounting industry.