Let’s talk about something that’s often seen as daunting in business but can actually be a massive opportunity: price increases. Done right, a well implemented price increase campaign can be incredibly financially rewarding.
Now before you think I’m suggesting we start gouging clients, let me be crystal clear. That’s absolutely not what I’m about. I’m not a fan of those stories you hear where trades have been hard to book in recent years, and someone sends you a quote that’s double the price of the others. You just know that person doesn’t really want the job, they’re already busy enough and are just throwing a big number out there on the off chance you say yes.
That’s not the approach I’m talking about.
What I am suggesting is that you take a good, strategic look at your pricing and that you base it on something meaningful like your profitability. Price increases should be guided by what makes sense for your business from a benchmark profitability point of view.
If you’re generating at least a few hundred grand in fees or more, then you’ve likely got enough volume and traction to start thinking about price in a way that aligns with your long term growth and sustainability.
When you set your prices with purpose and with profitability in mind, the rewards will follow.
Let’s be honest, building an email list doesn’t have to be this big complex beast. In fact, for most of us, it can start with a few simple steps using the tools you’ve already got.
Some of you might already have a CRM system that can send emails. If that’s you, great. You’re halfway there. Maybe you’ve even got some sort of list already. But if not, here’s how you get going.
Start with the basics. Literally exporting your contacts from Outlook or Gmail. It’s not glamorous, but it works. Just make sure you review those contacts before importing them anywhere. You don’t want to be pinging emails to people who didn’t sign up for it, not just because it’s annoying, but because it can get you in trouble with the Spam Act. Stick to people who actually know you and would be fine hearing from you.
If you’ve got a client CRM like XPM or Karbon, you might be able to export email addresses straight out of there and into a system that can send out emails. Think about newsletters or webinar invites. Super simple ways to start nurturing your audience.
Now, a lot of people don’t know this, but apparently there’s a way to download your LinkedIn contacts, names and email addresses. I haven’t done this myself, but if you give it a crack, just remember the same rule applies. Only bring in people who actually know you and wouldn’t find your email out of place.
Another easy win is to post your subscribe link on social media. Let your network know what you’ve got planned. Something like, “Hey, I’m kicking off a series of webinars soon. Here’s what I’ll be covering. If you’re keen, drop your email and I’ll keep you in the loop.” You’d be surprised how many warm leads you already have in your network just waiting for a nudge.
There are of course more advanced options out there like pop-ups on your website or running webinars through partnerships where someone else invites their audience, but you don’t need to jump straight to that.
Start simple. Start where you are.
And when it comes to tools, don’t stress about needing something expensive. HubSpot, Mailchimp, ActiveCampaign — they all let you send newsletters and webinar invites. HubSpot for instance has some pricey plans, but if you’re just sending emails, there’s a light version that won’t cost you an arm and a leg. We use HubSpot and love it, especially as we grow, but I wouldn’t recommend diving in deep from day one. Ease into it.
So that’s it. Building an email list doesn’t need to be fancy. It just needs to get done.
Hey there, let’s chat about something you might be overlooking on your website. It’s not the homepage, and it’s not the contact page. Nope, it’s the team page. Surprised? I was too when I found out. So, let’s get into why this often neglected page deserves a bit more love.
First off, make sure you even have a team page! You’d be shocked at how many accounting firms hide theirs away in the About Us section, or worsethey don’t have one at all. But here’s the kicker: this page is super important. It’s not just for show. It’s the second most visited page after the homepage on our site.
Why is that? Because people wanna know who they’re dealing with. Whether it’s a potential client or a future team member, they all wanna see the faces behind the name. It’s about relationships, right?
Here are a few things to consider for your team page:
- Make it easy to findput it in the main menu.
- Invest in good quality photos. Seriously, it doesn’t cost much to get a pro to take some headshots and a group photo.
- Avoid stock photos. They’re often misleading and don’t reflect your real team.
Let’s talk photos for a sec. A good headshot can make a world of difference. You don’t need anything fancy, just a clear and professional picture. And make sure to include a group photo, even if your team is small. It shows unity and gives a personal touch.
Now, on to those stock photos. Please, just don’t. They can be super misleading. You don’t want someone expecting to meet a team that looks like it stepped out of a stock photo shoot only to find something completely different. Authenticity matters.
To wrap it up, your team page is a key player on your site. It’s where relationships start and where potential clients and future employees get to know who they’re dealing with. Keep it front and center, make it authentic, and don’t skimp on the photos. Trust me, it’s worth the effort.
Cheers!
One of the most significant advantages of a phone call is the opportunity it provides to establish a personal connection with your client. Unlike emails or text messages, a phone call allows you to convey your enthusiasm, passion, and sincerity directly. Your tone of voice and the ability to engage in real-time conversation can go a long way in building trust.
When you send a proposal via email, you miss the chance to address any questions or concerns your client may have immediately. A phone call allows you to discuss the proposal in detail, clarify any doubts, and provide immediate response to queries.
This is not only enhances the client’s understanding but also demonstrates your commitment to their needs.
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Conducting surveys to gather feedback from team members is an excellent way to gauge opinions, understand concerns, and collect valuable insights.
⭐ Clearly outline the goals of the survey, and determine what specific information or feedback you aim to gather from team members
⭐ Formulate clear, concise, and unbiased questions. Ensure that the questions are relevant to the survey objectives and are easy for team members to understand.
⭐ Consider whether responses should be anonymous to encourage honest feedback. Assure participants that their responses will be kept confidential to foster openness.
Conducting thorough analysis and acknowledging team feedback post-survey lays the foundation for actionable plans. Transparently communicating outcomes, and implementing changes, demonstrates the team’s valued input in decision-making processes.
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Utilise phone calls to provide a personalised touch when communicating price changes to clients. This direct form of communication allows for a more empathetic and tailored approach, acknowledging the client’s concerns and fostering a stronger connection.
This enables businesses to address concerns promptly, offer solutions or alternatives, and demonstrate a commitment to meeting the client’s needs.
By employing these strategies, businesses can navigate price adjustments with professionalism and maintain positive client rapport in the long run.
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Many accountants excel in their technical skills, but may not possess the same level of expertise in sales.
We have learned the hard way that some of our accountants are naturally skilled in sales, while others may not be as inclined or proficient in this area.
It has been a valuable lesson for us to understand that not everyone should be forced into the sales pathway, as it may not be a strength for all accountants.
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Have a listen as Ben Walker talks about his challenges and breakthroughs as an Accounting Firm Owner
Here’s what he said –
Some of the feelings I’ve had throughout growing Inspire:
- Running on a hamster wheel with work, spinning but not going anywhere
- Not enjoying work
- Mental and physical health dwindling
- Strained personal relationships with friends, family, and wife
- Wondering whether you made a mistake starting a firm and if it’s better to work for someone else
- Feeling like a slave to your firm, it owns you. It dictates everything
- Feeling exhausted mentally and physically
These are the challenges I’ve had over the years.
I’m at a point now with Inspire where I’m creating a fun, and super rewarding accounting firm that runs like clockwork.
Stuff still breaks, and bad things happen.
Nothing’s perfect.
But it’s way better than looking back over the last 10 years and going, “Wow, lucky the lease isn’t a noose around my neck.”
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Every month, we see a consistent inflow of recurring revenue which usually arrives a few days into the new month. Approximately half of our clients opt for credit card payments, while the remaining half who choose direct debit usually process their payments around the fourth or fifth day of the month.
This approach directs our team’s efforts towards enhancing our monthly recurring revenue, effectively curbing the effects of seasonality. While our revenue experiences fluctuations, this is partly due to the fact that 40% of our total earnings come from project-based sources, with the remaining 60% attributed to our dependable monthly recurring revenue.
Although some seasonality persists, it’s far from the intense lows witnessed in the past during the busy holiday months of December, January, and February.
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We’ve adopted a policy where we request full payment upfront before starting any project, whether it’s catching up on taxes or setting up a monthly recurring service. The great thing about this policy is that it eliminates any outstanding debts or unpaid invoices. In fact, it has become such a natural part of our workflow with Ignition that we sometimes forget it was once an issue before we implemented this process.
By receiving payment upfront, we maintain a zero or even negative WIP (work in process). This means that we don’t begin work until the proposals are accepted and the payment is secured.
Initially, we thought this might be a potential challenge, but surprisingly, it hasn’t been an issue for years. In the rare instances where some individuals had concerns about this policy, they turned out to be unreasonable. So, if you’re worried about it, just treat it as a normal procedure, and chances are things will go smoothly.
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Grow a fun, super rewarding accounting firm that runs like clockwork. We help accountants go from feeling burnt out, working way too many hours, making an average profit and struggling to grow.
