Are you starting to get concerned that your services are being perceived as too costly for current clients or prospective clients? Besides marketing and prospecting for new clients - how else can you increase profitability and reduce the fees charged to your clients to retain them, but also grow your practice at the same time?
The concept is Value Billing - yes, it is a hard thing to get right - but if you do, your clients are happier and so are you! It takes the Hourly Billing discussion away - so there is more focus on the value of the service you are providing.
To start the process of assessing whether you can do this in your practice pr not - begin reviewing your current internal "as is" processes and the ways you go about working with your clients. Is work being duplicated? Are there manual processes that can be automated? Does the client actually "need" a compilation report each month - or would they be happier with you cleaning up their books monthly and then analyzing the results for them? What does the client want - do you ask them? Or do you do the same thing you have always done because that is the way it always has been?
By assessing your current processes and re-engineering them so that they are more efficient, then automating the work and implementing technology to saving you and your clients time, you can become more profitable and better able to estimate the time it would take to complete these tasks. By developing a fixed fee that a client can budget for and you in turn can build more profitability into - you both win!
If you want to find out more about technology that is out there that may better enable you to automate common tasks, eliminate manual entry, reduce non-billable time as well as provide you tools to deliver higher level operational accounting services to your clients, join me for the following Webinar:
Technology Solutions for Your Practice
This webcast focuses on why it is important to incorporate technology into your practice. Instructor, Amy Vetter will discuss issues you need to consider before implementing certain technologies and which technologies can save you time and help you to work more efficiently with your clients.
Technology Solutions for your practice: Improving Communication focuses on how to use technology internally to improve communication and internal processes within your firm and with your clients. Participants learn about:
- Why to incorporate Technology Into Your Practice
- Communication Tools to Utilize Internally & Externally with Clients & Prospects
- Email & Instant Messaging
- Telecommunication Options
- Social Networking, E-Newsletters, Blogs & Client Feedback Solutions
- Website & Intranet
- Customer Relationship Management (CRM) Options
- Time & Billing Solutions
- QuickBooks Integration with Lacerte and Lacerte Add-ons