How To Implement A New Pricing Strategy

We’ve spoken about repricing, and you know you shouldn’t be charging £25 per hour any more, but now you need to know how to implement a new pricing strategy.

As former practice owners, we understand the struggle of pricing services correctly. Many of us have stuck with hourly rates, not fully grasping the limitations. But with the right mindset, we can shift to a sustainable, value-based approach.

We kicked off by sharing our own journey, charging by the hour. While it seemed sensible then, we soon realised the pitfalls. Hourly billing promotes inefficiency and undervalues advisory services. Plus, it ignores crucial business costs like software and overheads. Worst of all, it can lead to burnout.

We emphasised the importance of building confidence in our abilities. Our pricing survey revealed that many bookkeepers rate themselves low in sales situations. Confidence can waver over time, but by focusing on outcomes rather than features, we can better communicate our value effectively.

One key takeaway was the power of storytelling. We compared our work to solicitors who convey emotional benefits and envision results. This approach helps clients visualise freedom from paperwork and peace of mind.

We also discussed packaging bookkeeping as a step-by-step process with consistent client journeys, rather than offering an à la carte menu of tasks. Pricing a monthly fee for a list of outcomes eliminates hourly comparisons and allows bookkeepers to account for business costs and desired earnings. 

How to implement a new pricing strategy

Want to learn more? Here’s the replay from our session at Accountex, we hope you enjoy it.

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