How to Price for Profit in 2023

There's one message ringing loud and clear across the bookkeeping industry at the moment...

2023 is all about optimising profit, building efficiencies, and doubling down on cashflow.

The past few years have thrown a lot of curve balls, with a 'think on your feet' mentality leading the charge. In 2023, it's time to re-calibrate, re-energise, and re-boot. And a 'work smarter not harder' mindset is in full force.

Vital to this re-alignment is making sure that your Pricing Strategy is optimised to generate the revenue you need to operate a healthy, happy and profitable Bookkeeping business.

What (and how) to Charge your Bookkeeping Clients

Multi-award winning Bookkeeping mentor, course creator, and Bookwiz Academy founder Martine Hoosen shares her top tips to create a pricing strategy optimised for profit and long term sustainability. 

Before You Get Started...

• Identify your niche.
• Build your ideal client profile.
• Understand the true value that you deliver to your clients.
• Optimise your workflows and automations so you are operating as efficiently (and as profitably) as possible.

Don't Forget To...

• For new clients, conduct thorough client discovery sessions to uncover the real issues facing your clients.
• For existing clients, conduct a thorough scope review and identify any scope creep issues, service gaps or new opportunities.
• Create / update your Service menu, separating Advisory services from the more transactional Bookkeeping services (use the Fee Builder if you are a Bookwiz Academy member).
• Create tiered packages that address the specific issues and present multiple options.
• Communicate your value at every touch point.
• Don't talk pricing before the proposal. 
• For existing clients, create an individual transition plan if migrating them from hourly billing to a fixed fee model, and give them plenty of notice.

Create a Fee Structure for Your Bookkeeping Business

• Calculate your minimum fee requirements.
• Understand and acknowledge the value of your experience, skills and knowledge in your niche, and the affect that this has on perceived value and your pricing.
• Determine your profit objectives and baseline fees.
• Price your bookkeeping, accounting and advisory services and create tiered packages.

Present Your Pricing

• Always present face-to-face (video or in person).
• Make sure key decision makers are present.
• Focus on their needs and pain-points.
• Always communicate your value.
• Provide multiple options.
• Provide 'next steps' and a clear call to action.  

THE BOOKKEEPER'S GUIDE TO PRICING FREE WEBINAR

Martine runs regular free webinars designed to help Bookkeepers and Accountants build thriving businesses. Register for her upcoming webinar - 'The Bookkeeper's Guide to Pricing' to learn directly from one of the World's Top 50 Women in Accounting, via the link below.

10am - 11am AWST, Friday 20 January 2023
Register now - https://www.bookwizacademy.com/free-bookkeepers-pricing-webinar 

What's covered in the Free Pricing Webinar?

Martine will share the very same Pricing Strategies that she uses in her own business to optimise profit, improve cashflow management, and win clients.

"The first time I implemented this system, I unlocked over $100K in additional revenue without adding a single new client, taking on more work, or bringing on more staff. In fact - I dropped a few D-class clients! That's less clients, the same team, the same workload, more revenue and more profit! I routinely conduct the same process to keep on track, and I see more results every time. It's a very achievable strategy that I would love to share it with you " Martine Hoosen

Every attendee will also receive a bonus Workbook to build on your learnings, including how to:

✔ Determine your minimum fee so you never undersell yourself or stretch yourself too thin again.
✔ Create packages that optimise profit.
✔ Implement recurring fixed fee pricing, including migrating existing hourly billed clients, to better manage cash flow.
✔ Establish and communicate your value to attract and win your dream clients.

Register now - https://www.bookwizacademy.com/free-bookkeepers-pricing-webinar