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How to Confidently Price New Advisory Services


If you're considering the switch to advisory, as a female accounting professional, you may worry about whether or not your clients will be willing to pay new, higher rates. Loren Fogelman encourages you not to leave money on the table. Here, she explains how to confidently price the new services and get clients to accept them.

Jun 7th 2021
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Offering advisory services to your clients is an advanced move. Consulting, unlike most accounting services, emphasizes your expertise rather than skill set. When positioned correctly, you no longer need to compete for business.

So, you may wonder how to strategically price your new advisory services. The answer lies in value pricing.

Most traditional price strategies calculate time and costs. Whether you charge an hourly rate or fixed fee, both price strategies lower your profits. Yes, those factors matter to you. However, they overlook what matters most to your clients.  

Your clients care about what you know more than what you do. Your insights and expertise, also known as intellectual property (IP), are your highest value. Therefore, you deserve to be well-paid for your advisory services.

Value-based pricing, unlike most price strategies, highlights your expertise. It’s possible to earn many times more than your hourly rate since it separates your fees from time.

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