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    Lee Court

July 31, 2019

Traffic Flows From Your Website to Google+ Page


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Traffic Flows From Your Website to Google+ Page

Google+ Guide
Part 10

NOTE: As of April 2019 Google no longer offers the Google+ platform. BOSS offers a free Expert Step-By-Step LinkedIn Guide to Get Your Business Seen Online Click here for the whole guide.

Outsourcing accounting … With a minimum of 50 hours per month only, you can have a dedicated professional accountant!

Traffic Flows from your Website to your Google+ Page

Once you’ve linked your business’ website to your Google+ page there are various little applications you can add to your site that will help with Google+ interactivity.

Linking your Google+ page to your website should land you more recommendations for your site in Google’s search engine. The more ways you link your site, the more ways you have of growing the traffic between your site and your Google+ page, and vice versa.

See BOSS’ newest outsourcing accounting Freedom Service offer for accountants and financial planners….

Unfortunately this part of the Google experience is not particularly intuitive and it can be a bit of a chore to try to navigate to this page through the drop down menus and links from Google+.

Your best bet to get to the page we want is to copy this address: https://developers.google.com/+/web/badge/ and paste it into your address bar.

Another link to try is https://developers.google.com/+/web/ which brings you to:

If we scroll down on this particular page we see:

An account manager for all your outsourcing accounting needs…

Both links lead to the same options, which look like this:

If you’re not technically-minded, what you’re seeing on this page is a way to customize buttons and badges that can be added to your website.

Down the left there are a number of options like “+1 button,” “Follow button,” “Hangout button,” and so on. Click through them to see what kind of widgets we can create – don’t worry, we’re not committing to anything when we click an option on the left, and we can always go back to where we were.

Outsourcing accounting…..The best outsourcing offer up for grabs now with BOSS. Forget about budget write-offs and paying overtime/ annual or sick leave… for good!

We’re currently looking at the “Badge” option.

All of the sliders and buttons running down the middle give us ways to change the appearance of the badge like the width, if we want portrait or landscape, and so on. We can configure the badge to fit in nicely with our website’s aesthetic theme.

Don’t be afraid to click the various options, we can always change anything we don’t like back to how it was before.

Immediately below the picture of the badge we’ve created is some code:

We copy the 2 lines of actual code (but not the instructions) and place them individually into the code of our website as directed in the instructions.

Get direct contact with your outsourcing accounting professional anytime Monday to Friday….

A lot of do-it-yourself website creation sites like Weebly or Wix have social media buttons premade and you just have to drag and drop them where you want them to appear on your site. So if you’ve used such a website builder to create your main website and are squeamish about code, try that option instead.

Your third option is to of course hire a fantastically talented and attractive group of do-it-for-you social media managers to take care of this kind of thing on your behalf.

After installing the code we now have buttons and/or widgets on our site that allow visitors to recommend our content to people in their Google+ circles. So in essence our website’s visitors are doing our marketing for us.

If only outsourcing could offer companies outsourcing accounting at a fixed fee rate for all the work…..

Connecting a WordPress.com Blog
If we have a WordPress.com blog we can connect it as well. Go to the blog’s dashboard, choose “Settings” down the left side, then “Sharing,” and then scroll down to the Google+ Profile section. There will be a prompt to sign in (if we’re not already signed in) and then we confirm that we want to connect our blog with our Google+ profile.

Now when we create a blog post in WordPress it will automatically send it out to the circles we have chosen to receive it, expanding the post’s reach.

Continued in next blog post: Google+Guide-Building Your Google+ Business Part 11

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsource accounting provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 30, 2019

Building Your Google+ Business


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Building Your Google+ Business

Google+ Guide
Part 11

NOTE: As of April 2019 Google no longer offers the Google+ platform. BOSS offers a free Expert Step-By-Step LinkedIn Guide to Get Your Business Seen Online Click here for the whole guide.

Building Your Google+ Business

So we’ve figured out how to connect our website and we’ve made our business’ page all pretty and informative. Now it’s time to actually earn some recognition (which we hope will convert to sales).

Outsourcing accounting … With a minimum of 50 hours per month only, you can have a dedicated professional accountant!

First things first – here is a link to the Google+ policies’ page. You should probably peruse this to make sure you don’t inadvertently do something that will give Google a reason to yank your page, but pay particular attention to the Contests and Promotions Page if your business ever holds such events.

Gaining Relevant Followers

An account manager for all your outsourcing accounting needs…

First let’s define what we mean by “relevant.” Relevant followers are people you have in your circles who are actually going to interact with your business through Google+.

These people are much more likely to spread the good word about your business to their circles, to share your posts with them, to leave good ratings, or to reply to your posts.

Remember, interactivity is the name of the game.

Irrelevant followers are just lurkers who don’t really add anything of value to your business. Really all they’re going to do for you is maybe add some legitimacy to your business by boosting your number of followers for others to see, but that’s about it. Otherwise they’re not going to interact with you in any valuable way.

See BOSS’ newest outsourcing accounting Freedom Service offer for accountants and financial planners….

Finding People in your Field

There are essentially two kinds of people you want to search out in relation to your industry.

The first are customers or clients of your type of business.

The others are people who work in the field. It’s even better if you can connect with the big influencers in your field – the people who have a wide pool of followers that trust that person or company for advice.

Note – you don’t have to connect with them all in one big swoop. Set yourself a goal – maybe 5 connections a day, or 10, or even 1. Not everyone you try to connect with is going to agree, so you’ll have to lob out more invitations than are eventually accepted. Decide how much time you can spend a day doing this, and set your goals accordingly.

Outsourcing accounting…..The best outsourcing offer up for grabs now with BOSS. Forget about budget write-offs and paying overtime/ annual or sick leave… for good!

 

Now you’re off on the hunt. For influencers, look for online magazines, review websites, equipment providers, people who write books or news articles about your field, other businesses, and so on.

If you get stuck, look up your competition and see who they follow.

It’s a good idea to keep an eye on your competition in general in the social media world. They can provide you with ideas of what kind of content does well with customers, what kind of content doesn’t land, and good practices of how to interact with customers.

Get direct contact with your outsourcing accounting professional anytime Monday to Friday….

And hey, if you happen to see your competition failing to listen to customers’ complaints, that might be a big juicy opportunity for you to jump in and save the day.

To find customers/clients, the first thing you can do is include social media contact info on your business. If you hand over receipts, have contact info printed there. You can have it on menus, cocktail napkins, banners, posters, on packaging… make it visible.

Next, look for communities in Google+ related to your field. If you manufacture binoculars, join bird-watching communities, or maybe hook up with a sailing crowd, or… well, we’re trying to find more uses for binoculars but all we’re coming up with is “spying on neighbours”… is there a community for that?

If your business is health-related try fitness communities, diet communities, spa and massage communities, maybe physical therapy circles.

If only outsourcing could offer companies outsourcing accounting at a fixed fee rate for all the work…..

Look for people who follow the influencers in your field. Or people who follow a company in your industry. Again, look to online versions of magazines and authors and the like… people are reading those periodicals because they’re interested in products or services just like yours.

You can also try locations. Maybe get involved with the local tourist board’s website, or support some local event communities.

The point is to think laterally – don’t limit yourself to purely your product’s immediate environment. Try expanding out to communities that might be, even tangentially, interested in your business.

Continued in next blog post: Google+Guide Part 12- Organising Your Circles [Outsourcing Accounting]

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsource accounting provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 25, 2019

Organising Your Circles


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Organising Your Circles

Google+ Guide
Part 12

NOTE: As of April 2019 Google no longer offers the Google+ platform. BOSS offers a free Expert Step-By-Step LinkedIn Guide to Get Your Business Seen Online Click here for the whole guide.

Continued from:  Google+ Guide Part 11 Building Your Google+ Business

Organising Your Circles

You’re going to want at least 2 circles – 1 for the people in your industry, and 1 for potential clients/customers.

But as they grow you should think about dividing them up further. You have to consider what kind on interaction any one circle wants with your business.

An account manager for all your outsourcing accounting needs…

If you’re in the food industry, one circle may just be about swapping recipes and that’s it. They’re not going to want you trying to shoehorn in posts about community events you’re involved with.

If you’re in the hardware business, one circle might be about construction tips, while another is purely about equipment reviews.

Always consider your audience. Create circles that want a specific kind of content from you, and interact accordingly. Trying to shove the wrong kind of content in where it’s not wanted will get you the wrong kind of attention and turn people off of your business. At that point you might as well be a Nigerian prince asking for money.

See BOSS’ newest outsourcing accounting Freedom Service offer for accountants and financial planners….

Consistency, Quality, and Communication

The overall goal of being in Google+ is to create a relevant user base that buys from us, and shares our business with their friends and circles.

We do this by working on our main sub-goal – become the go-to business in our field.

This sub-goal is accomplished by giving people content that does at least one, or a combination of more than one, of the following:

  • Give instructions (recipes, construction instructions, how to fly a kite properly, which kind of fishing lure is best in a certain condition, etc…).
  • Sell our product or service.
  • Entertain people (funny content, preferably but not absolutely necessarily about our field).
  • Inform people (bring them news about our industry).
  • Provide an opportunity to socialize.

 

Outsourcing accounting…..The best outsourcing offer up for grabs now with BOSS. Forget about budget write-offs and paying overtime/ annual or sick leave… for good!

 

Set yourself a schedule and start providing content that does at least one of the above points with every post. People may not know about your Google+ business page yet, so you’re performing for an empty house at the moment, but when people do start to check out your page you’ll have a backlog ready for them to peruse.

Keep in mind – you don’t have to generate all of this content completely from scratch. Check out the actual news outlets related to your industry to cultivate some content. (If you do use something from someone else, make sure to give credit.)

You can even make this cultivation a part of your schedule – maybe every Thursday you share a bit of wisdom from an industry leader, or maybe share an achievement from one of your customers. Tag it a little with your own comment to make it a bit more “yours.”

Get direct contact with your outsourcing accounting professional anytime Monday to Friday….

Generally speaking, the narrower your niche at the beginning of your Google+ career, the more likely you are to attract a dedicated following. So if you’re in the hardware business in general, maybe narrow your focus to home repairs that can save homeowners a lot of money if they do it themselves instead of hiring in a professional.

And if you happen to slip in the fact that you sell what you feel is the best kind of toilet snake on the market, well, what’s the harm?

Continued in next blog post: Google+Guide Part 12a- Consistency, Quality, and Communication Continued..

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsource accounting provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 24, 2019

Consistency, Quality and Communication


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Consistency, Quality and Communication

Google+ Guide
Part 12a

NOTE: As of April 2019 Google no longer offers the Google+ platform. BOSS offers a free Expert Step-By-Step LinkedIn Guide to Get Your Business Seen Online Click here for the whole guide.

Continued from:  Google+ Guide Part 12 Organising Your Circles

If only outsourcing could offer companies online bookkeeping at a fixed fee rate for all the work…..

You don’t have to be the business that creates all of the posts related to your field, you just want to be the one that people look to the most when they want the best stuff.

Become the curator for your followers, saving them time from sifting through the dirt in order to get to the gold. They’ll thank you for it.

An account manager for all your outsourcing needs…

Be active within communities – +1 other people’s posts, share them, comment on them, especially those from the biggest influencers in your field.

If someone comments on one of your posts, reply to their comment within a day or two.

Get direct contact with your outsource accounting work professional anytime Monday to Friday….

If someone sends you info, shoot them a private message and say thanks. Make an effort to get to know them.

Keep your eyes out for people in circles and communities who are active – the sharers, the people +1-ing posts and sharing them. Those are the people you want to engage the most, since you know there’s a far greater likelihood that they’ll pass on your content to others.

Outsourcing Accounting…..The best outsourcing offer up for grabs now with BOSS. Forget about budget write-offs and paying overtime/ annual or sick leave… for good!

Continued in next blog post is the topic: Google+Guide Part 13- Social Media Do’s and Don’ts [SMSF Outsourcing]

See BOSS’ newest accounting outsourcing Freedom Service offer for accountants and financial planners….

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsource accounting provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 24, 2019

Pricing Your Services at Market Price is Costing You – Part B


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Pricing Your Services at Market Price is Costing You – Part B

See BOSS Website for information on the new Freedom Service’s outsource accounting work
Continued from: Part A – Pricing Your Services at Market Price is Costing You (Outsource Accounting Work)

It means some of these firms have learned ways to charge significantly better prices for their firm. As you can to. You just need to learn some strategies, which we will get to shortly.

Here are some illustrations of firms that have learned these higher price asking techniques.

The majority of the accountants from the study charge out from between £250 & £400 for a limited company incorporation service. Tony Kensington of Aspirations reported how, following some pricing training, he was able to charge a fee of £9,000 for helping their client get incorporated, having charged only £250 in the past!

Mr David Logan of McIlveen Howard was previously receiving £350 for a service that he now charges £10,000. The pricing strategies lessons enabled them to start charging more and retain happy clients.

I’ve got lots of stories of firms that I’ve taught how to price right, and how they have gone on to transform their firms. For example, if you’re interested see this 30-minute interview with Stuart Ramsay of Accountancy Extra that was made in June 2013. He explains exactly how he made changes with his pricing and consequently his profits – watch the video by clicking below.

Click here for information on the new Freedom Service’s outsource accounting work

Accountants need to realise their services are not commodities. They are constantly telling me that they can’t raise their prices as firms have a market price expectation. I tell them they need to get out of the commodity trap.

When a client buys tax return or other compliance services, they are not buying a product or commodity.

They want to buy a solution to a problem and trust the people at your firm to deliver the solutions.

If “you” could be bought at another firm then that would make “you” a product. As that’s not possible, now maybe you can see how much more valuable your very unique services could be to clients.

So, as there is no market price we need to start thinking of ourselves as being unique and different.

For firms wanting to learn about how to price their services effectively go to: EffectivePricingForAccountants.co.uk.

Click here for information on the new Freedom Service’s outsource accounting work

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsource accounting provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 23, 2019

Pricing Your Services at Market Price is Costing You – Part A


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Pricing Your Services at Market Price is Costing You – Part A

I collated some figures on the UK accounting profession and they have turned out to be quite the exposé.

INDUSTRY AVERAGES
MEASURESAMPLEWORSTLOWER QUARTILEMEDIUMUPPER QUARTILEBEST
PROFIT PER PARTNER294-£13,319£35,000£68,706£103,465£224,372
PROFIT PER FEE EARNER283-£5,038£11,846£18,712£26,929£97,166
NET PROFIT MARGIN295-4.18%21.60%31.26%37.86%70.00%
SOURCE, July 2010

I found the profit per partner really caught my attention.

See BOSS for information on the new Freedom Service’s outsource accounting work

Although the UK’s top 20 accounting firms weren’t taken into account in this research, the take home profit of £68,706 for each partner is nothing to brag about!

If we dare to look at other professions like doctors or some trades such as electricians we can see that a lot of accounting firms are not making as much money as they should be.

It’s hardly any profit when you realise that most accounting practices do not include the owner’s salary in the accounts for sole practitioners or partnerships.

What are the implications of this?

How about the market salary value?

Partners and sole practitioners all say they’d have an expectation of being paid a minimum of £70K by a top four accounting firm for the same kind of work they are currently doing.

If this was to be included in the accounts as the market salary for a sole practitioner’s and partners worth, then more than 50% of accounting firms are making a loss (£70,000 minus the £68,706 profit average)!

See BOSS for information on the new Freedom Service’s outsource accounting work

If accountants knew how to get their pricing right and communicate that to their clients, as well as them learning how to value the services they offer, then they’d all be making a lot more profit.

Let’s look deeper at this. In 2010 myself and Steve Pipe looked at a number of issues around what firms charge for pricing tax-related services. And the interesting discovery was the large range of prices!

From the survey here are two examples.

The first relates to a very straightforward tax return for someone with rental income.

Here the income & expenditure account as well as the Land and Property pages are completed by an accountant.

On looking at the next example in the survey we came across an incorporation service (of unincorporated businesses) staggered in pricing from £50 to £4,500. And other services like tax planning for company cars went from £50 to £3,500.

These examples and plenty of others clearly demonstrates there isn’t such a thing as a ‘market price’ for accountancy and tax services.

What wonderful news for accounting firms!

See BOSS for information on the new Freedom Service’s outsource accounting work

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourced accounting provider - helping you maintain quality and control while outsourcing accounting work. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

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  • Tips to Market Your Business
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  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 18, 2019

Four Tips to Hitting Your Perfect Price Point Part 4


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Four Tips to Hitting Your Perfect Price Point Part 4

Last But Not Least… Discounts

There are two keys when it comes to using discounts to win new clients. The first is introducing urgency, and the second is offering value.

A remote bookkeeping service with BOSS gives you a fixed fee plan AND means no more budget overruns ever again!!

In creating urgency, you’re setting a due date and thereby nudging your potential client past the sense of this not being “the right time.” Suddenly there’s a very limited “right time” to get the services they were considering for a reduced price.

Price-wise, you have to go back to your overall strategy to decide if you’re going to offer a percentage discount, or a dollar discount. Percentages generally work better when dealing with lower dollar amounts – 50% is sexier than $50. But dollars are the better bet at higher prices, so you can show a big fat number behind that dollar sign.

Cancel remote bookkeeping staff with only a month’s notice. Don’t get caught out with super long contracts and hidden exit fees with other outsourcing firms!

The key here is that the two – urgency and offered value – must be used together. If you offer a huge discount but have no explicit end date, then that sense of urgency is wiped out. Conversely, if you have a one-week sale but only slice off a tiny amount from your price, the sale becomes meaningless when it comes to value.

When you engage a BOSS remote bookkeeping service or an accountant you can have a monthly client services meeting to make sure your firm’s goals are being met

Another way to discount is instead of purely slashing prices, you offer to knock off a percent from a certain service if your client brings in a new client. So you offer new Business A your “Advice For New Businesses” package… but you’ll give it to them for 10% less if they can get someone else to sign up with them (that second business also receiving 10% off).
So they call up Business B who agrees, and they come to you together for that deal where each gets 10% off. Your “Advice For New Businesses” package is a pretty standard bundle of services, and it costs you little to no time or money to tailor it to both A and B. So for the one-time loss of 20%, you now have two new clients who will grow with you, steered onward to additional services as time goes on.

BOSS remote bookkeeping staff have all worked reviewed by a senior reviewer before the work is returned to you

Like with the rest of our points, this is an experiment in getting to know your own business better – here you’re figuring out how to measure long-term gains (gained clients) versus short-term losses.

There is one great big caution sign here – charging too little too often will devalue the perception of your services. Don’t offer discounts for long periods of time or on a routine schedule. You want to keep your overall value up – offering a lot, for a little less, shouldn’t seem like something you have to do to stay in business. It’s generosity, not desperation.

You can be setup with your BOSS remote bookkeeping staff within a week’s notice

In summary, it all comes down to getting to know yourself and your clients – what you offer, and what they value most.

The End

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 18, 2019

You Must Raise Your Prices


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You Must Raise Your Prices

From: How to Price Your Accountancy Services for Maximum Profit (by Mark Wickersham)

Are you working with your virtual accountants in the best possible way?

I’d like to give you something that I have observed.

In the UK at least 90% of accounting firms are charging way too cheaply (this also goes for accounting firms in Australia). They are way undercharging for their services. In fact, I still haven’t come across a firm that charges too much!

And because of that, it’s having an impact on the bottom line profits for all firms throughout the UK. The profession overall is struggling financially due to this. And as I stated in earlier chapters, when we consider the market salary for the owner, over half of accountants are actually making a loss.

See the BOSS site for information on the new Freedom Service’s virtual accountants offer

Accounting practices hold the opportunity to have a serious impact in the lives of their clients. It’s my belief that as we can profoundly change lives, then we should be rewarded for that. To move forward with this we need to know how to price right.

In order to do that, you’ll need to put your prices up, period. And we’ll show you how to do just that in the next few chapters. (Watch out for our following emails from BOSS to learn how)

Go to BOSS for details on the new virtual accountants Freedom Service

More about Mark Wickersham:

Mark is the UK’s go-to profit increasing expert for accounting practices. He also offers online guidance for international companies teaching them how to effectively offer value based pricing. Here’s what other have to say about Mark:

“I’ve benefited a lot from Mark Wickersham’s pricing mentoring. I really liked the adding value approach, and how to communicate my true value to prospect clients in a compelling way. I highly recommend Mark to accountants and bookkeepers who are looking to build a highly successful practice by adding massive value to clients.”

“Mark spoke at our 2016 “Scaling New Heights” conference for small business advisors and blew is all out of the water with his insights on value perception and the psychology of pricing. I would recommend Mark as a presenter for any events targeted to professionals (in any category), especially groups where many of the attendees still trade hours for dollars (i.e. bill hourly).”

“Mark Wickersham has made a significant difference worldwide to the ways Accountants and Bookkeepers run their businesses including pricing, marketing, converting clients and other aspects.

I have had the privilege of learning most of Mark’s philosophies, especially Value Fixed Package Pricing that will make a huge difference to my revenue for many years to come.

Mark is so generous in assisting so many people whether it be workshops, webinars, seminars and email communications. Nothing is too difficult for Mark.

He deserves all the credit he gets as his passion is infectious and he continues to assist so many business owners like me who follow his philosophies and many of these people benefit financially and just as importantly improve the quality of their lives.”

Visit BOSS for info on the Freedom Service’s virtual accountants offer

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 17, 2019

Four Tips to Hitting Your Perfect Price Point Part 2


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Four Tips to Hitting Your Perfect Price Point Part 2

And here’s where your dollar sign does the dance again – because in fact there can be a very healthy value to you if you price high. Very high. Think about lawyers – do you want the one who costs the price of a house just for showing up to defend you, or do you want the poor public defender who has worn out the elbows on his shirt? While that public defender may actually be the superior lawyer, the woman with the thousand dollar watch automatically reeks of resources and competence.

With BOSS, bringing on the outsourced accountant needn’t be a frightening thought, we have trained accountants that can follow your in-house procedures on all of your jobs!

There can be a lot of value gained by pricing yourself as the Rolls Royce of the accounting world. Which pricing strategy would work best for you at this time?

3. Measure Your Value
Value Metrics. Metric – a means of measuring. Value – what you have to offer.

Your value metric defines not only what services you provide for a given fee but how you are charging.

Don’t pay any kickstart fees with the outsourced accountant provided by BOSS. Other firms can charge an arm and a leg!

E.g. A software company may sell different numbers of licenses at different prices. The price goes down as the volume of licenses goes up (the value becomes greater). They may also add-on specials such as 10 free support calls or unlimited support calls as part of a top tier package. (The value then is even greater).

With an accounting firm you could have a metric which is the frequency of management accounting reports you provide a business per year (e.g. monthly, quarterly, six monthly or annually). The increased value goes up in higher and higher tiers. Additional value based offerings could be bill payments, invoicing, budgeting, cash flow and strategic planning.

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The most important facet of all of this is to remember to be clear as to what the increases in price revolve around. What service(s) do your clients value the most? Build your various price levels around the value(s) your clients want from you at the most basic level.

Once you have a pricing strategy in place with various increasing value propositions in exchange for rising prices, make sure your clients understand your pricing strategy without needing to have someone from your firm explain it to them. The last thing you want is for the waters to be muddy when it comes to what you’re charging for which services. Confusion or difficulties in purchasing your services will lead to a client’s lack of confidence, and that means missed conversions.

The outsourced accountant with BOSS can provide you with quick turnaround on your work

When done right, your firm will still be able to grow even when your acquisition of new clients occasionally fizzles a bit, because since your value metric revolves around services your clients will always need no matter how big they get, as they grow they’ll look to you as their trusted advisor for other valuable services.

4. Bundles, Tiers, and Packages

So we’ve already talked about tiers.

Let’s expand on that by including bundles and packages. What we’re looking at here is placing two or more services together, and then offering them at a price that’s lower than the sum of those individual services. While you’re now receiving less for one (or more) of the services, you’re still receiving income that you wouldn’t have otherwise received at all because the client had no initial interest in the extra service(s). You may even sell a service that isn’t even truly necessary.

The outsourced accountant staff at BOSS only need one month’s cancellation notice. A big difference between BOSS and other outsourcing firms.

Continued in Part ¾ – Four Tips to Hitting Your Perfect Price Point

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 16, 2019

How Value-Based Pricing Works For You Part 2


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How Value-Based Pricing Works For You Part 2

Benefits of Value Based Pricing at a Glance

  • The end-client has a clear idea of exactly what they get for their money for a clearly defined job. The client gets peace of mind.
  • It improves the relationship with the end-client – fees do not creep up due to more time being taken on a specific job.

 

One month’s notice ONLY with a BOSS outsourced accountant! If you’re looking around ask about contract terms, many outsourcing providers ask for long notice cancellation periods. Don’t get trapped!

 

  • It allows other services to be “packaged up” and sold as clear definable “add-ons” a client can choose to buy. This simplifying and clarity helps the client identify, from a complex set of services, what is useful to them. Thus it is easier to attract clients to additional services and then sell to them.
  • Establishing a value-based fee requires accurate knowledge of the client needs, which mandates a pre-project meeting with a client. This collaborative approach helps build a positive relationship with a client, giving you a chance to take on the role of ‘trusted advisor’ rather than mere service provider.

 

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Obstacles to Value-Based Pricing

Value-based pricing methods are not traditional pricing methods, and they take some getting used to, both as a firm, and for your clients. When attempting to implement this method of pricing, some of the obstacles you may face include:

  • Internal resistance: Firm-wide adoption of this pricing method is necessary in order for it to be a success. Training and ‘reprogramming’ staff is an initial investment needed and can meet with resistance, particularly as cost-based pricing (hourly rates) are the pricing method taught at university and the established norm.
  • Client discomfort: Despite the premise of value-based pricing being to set a rate that meets the customer’s value perception, some aspects of value-based pricing may seem unfair to a client, particularly as you change from one method to another. The best ways to assuage this discomfort is to prove to the customer they are getting their money’s value: increase communication with them, improve your availability, your responsiveness and ensure the quality of your work and improve visibility of senior partners.

 

An outsourced accountant needn’t be hidden in the background, out of sight or sound from your firm. With BOSS you have direct contact with your accountant via email or skype!

 

  • Finding the value price: Price setting can be difficult if the proper information is not available. This is where engagement letters must be specific; then anything outside the scope of the initial engagement letter becomes an add-on and can be priced as such, without a project running at a loss. In a case where information is scarce, an engagement letter should cover what the project will encompass, as well as what it will not.

While many firms resist using a value pricing method, many still are embracing it, and feeling the rewards of not only increased value from their work, but a stronger and more open relationship with clients. What is stopping you from using value-based pricing in your firm?

 

Get started now on our new Freedom Service’s outsourced accountant deal

 

The End

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved