How to have that ideal accounting practice: Part 4

This is Part Four of a Five-Part Blog showing you how to double your accounting practice profits…

How would you like to have that “ideal accounting practice” with:

  • no capital tied up in debtors or work-in-progress,
  • no compliance deadline stress,
  • a bunch of happy clients who respect your opinion and value the benefits that you bring to their business
  • happy team members
  • a constant flow of clients referred to your practice each month

 

And here are the five steps:

Step 1: Reduce Your Administration Time
Step 2: Have a Brainstorming Session and Think of All the Services That You Can Offer Your Clients…. and I mean EVERYTHING
Step 3: How to Start That Discussion With Your Client
Step 4: Transitioning to Fixed Pricing With Your Clients
Step 5: Allow Your Client to Tell You What They Want to Pay

In last week’s blog we discussed the Third Step in this process about how to start the conversation with your client. We are now going to introduce Step Four – Transitioning to Fixed Pricing With Your Clients:

Step 4: Transitioning to Fixed Pricing With Your Clients

Now that your client has decided that they want you to do more work with them, it is time to give them the good news; that your services will now be charged on a fixed fee basis and you will be discussing that fee with them before you commence any work. And even better still, they can pay these fees by convenient monthly installments, to fit in with their cash flow. Believe me, the introduction of fixed fees will delight them.

This is where you go back to your menu of services and talk about NEEDS and WANTS. You are in a favorable position here. With the Attaché Scorecard Process you have just shown them the hidden profits in their business and they will see you differently just from that exercise. In addition to that you are now demonstrating how you can work together to unfold those hidden profits in their business.

The next question on your mind is “won’t the client be thinking about last year’s fees when we are having this discussion?” The answer to that question is “no.” Remember you have now thrown in something out of left field. You are now including all phone calls, meetings and emails in the annual fee… and wait, there’s more. You will now be assisting them to improve their profits and grow their business and will be meeting with them at least once a month to monitor their progress. Things are very different now. How can they compare all this with last year?

View the introduction of Peter's plan to Double your Accounting Practice Profits
View Step 1 of Peter's plan to Double your Accounting Practice Profits
View Step 2 of Peter's plan to Double your Accounting Practice Profits
View Step 3 of Peter's plan to Double your Accounting Practice Profits
View Step 4 of Peter's plan to Double your Accounting Practice Profits
View Step 5 of Peter's plan to Double your Accounting Practice Profits

Can't wait for the rest of the steps? Then contact nhughes@morganmckinley.ie and I'd be happy to email this to you.

Gerald FitzGerald's picture
Chief Operations Officer Ireland
gfitzgerald@morganmckinley.com

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