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How to Stop Deciding What Your Clients Can Afford

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Small business owners are facing numerous pandemic-related challenges, but what about the obstacles faced by their accountants, like undervaluing yourself? If you've been losing money because you're guessing your clients' "money stories," here's how to stop.

Jul 13th 2021
Senior Strategic Guide Profit First Professionals
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There are many reasons why accountants and bookkeepers undercharge for our services. And, no, it’s not always because we’re “afraid” to charge what we’re worth.

Sometimes, we don’t understand our own value. We discussed that challenge - and how to overcome it - in a previous article.

But sometimes, we’re confident in the value of the services we provide. We’re less confident that the client will pay what we want to charge. This leads us to undercharge for our services, which, in turn, can lead to overwork and dissatisfaction with the customer relationship.

Why do we do this?

Telling Our Clients’ Money Stories for Them

One of the first things I did when I started my bookkeeping practice was hire a business coach. And one of the first things I learned from her was to stop telling my clients’ money stories for them.

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By SkinnVinny
Jul 23rd 2021 23:56

Because I was charging a flat fee, my hourly earnings on this client plummeted from $15/hour (remember, I was a new bookkeeping practice owner...don’t judge!) to less than $5/hour

New or not, $15/hour is garbage pay for anything requiring any degree of skill. Did you have an office and overhead to cover on top of that? I'll never understand why people start or continue in a business to make less than they could earn in a menial job. It drags down the whole profession.

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