Do you need to have a difficult price increase conversation with your bookkeeping clients? We’ve got you covered! Things happen and businesses grow, but hard conversations can be much easier when you’re prepared.
Each new year brings new changes. At your bookkeeping firm, this might mean onboarding new clients and firing others, but it also may mean increasing your prices. If you’re dreading a price increase conversation, don’t fear! Your friends at Aero Workflow have your back. As we round out 2023, we want to share some of our best tips for talking about pricing with your clients to prepare you for changes in 2024.
Start With Your Team
If you’re managing a bookkeeping team, regardless of how large that team is, everybody must be on the same page before you begin to approach clients about pricing increases. Talk to your staff and ensure that they are aware of what is changing and why. That way, they can be prepared to represent the firm and justify the decision confidently.
Clearly State Your Reasoning
Nobody likes it when their bill goes up without an explanation. The best thing to do when increasing your prices is to sit your clients down and explain why, without beating around the bush too much. That might sound daunting. After all, it’s never fun to talk about money, but it’s best to just be honest. Don’t be afraid to explain to your clients if your costs of operations have increased or if your firm has grown larger. Good clients will be understanding.
Give Them Time
Ideally, you should give your clients plenty of notice before the price increase goes into effect. Contact your clients directly and in advance. Remember, the more difficult the conversation, the more important it is to have face-to-face. Also, it’s a good idea to prepare answers to the questions you know are likely to come up ahead of time.
Justify the Change With New Offerings
Adding value to your current service packages is a great way to make your clients feel like they’re still getting a great deal! When prices go up, clients may not understand at first why they’re paying more for the same service they received last year. Adding small bonuses to your packages will help add perceived value for clients. Advisory services might be a great place to start!
Let Them Know Their Options
Sometimes, clients don’t have that extra change in their budget – but that doesn’t necessarily mean you have to go your separate ways. This might be a great opportunity to offer them a different package that is more within their budget. At the end of the day, if it is time to say goodbye, then you can still end on good terms knowing that you did all you could to meet their needs without sacrificing your bottom line.
You know your stuff. You’re great at your job. Your skills and experience are incredibly valuable. When it’s time to have a difficult price increase conversation, hold your head up and be confident about your decision. You might not be able to please everybody at the end of the day, but your most loyal clients will understand the value you provide.