Reza Hooda

Client: That's too expensive.. You: (Really 🧐) You: my clients are so price sensitive 😫 Reality: No they're not! 😜 Most people in society are NOT price sensitive ❌ They are VALUE sensitive 💡 If your clients: ☕ buy their coffee from Starbucks 📱 have an iPhone 🚘 drive a premium brand car They CANNOT be price sensitive ⛔ Because there are much cheaper options to drink coffee, own a phone and drive a car 🤷‍♂️ Most people are not price sensitive - they are VALUE sensitive. And different people value things differently 🤔 So if someone says you are too expensive, they haven't yet seen the value or there isn't enough value in it for them for the price being asked 💳 Get better at communicating the value you offer and you'll be able to convert more clients at higher prices 💵 Start by talking about the problems you solve and the goals you help realise rather than the services you offer 💡 And think about better packaging of your offering and services to increase the perceived value of what you do 📈 What do you say when someone says you're too expensive? 🤑 👇 #sales #pricing #accounting PS: want to know how to communicate your value to get higher prices? Comment ‘recording’ below and i’ll send you a link where you can watch the rest of the talk and find out. PPS: what do you think about that last line in the video? 😉 💪

3 Tips For Increasing Your Prices

I was at the Louis Vuitton store in Paris recently 🇫🇷 There was a queue of around 45 minutes to get in 🥱🤦🏼‍♂️ But once in you have access to your very own customer service person - we had Jean-Phillipe 👨‍🎨😄 They stay with you as long as you are in the shop and need them Showing you bag after bag 💼 without any pushiness or hard sell Needless to say each item in LV was keenly priced 💰 But that didn’t detract the punters in there 🤷‍♂️ I didn’t see anyone walk out without buying something Despite the hefty price tags 🏷 Which defies the basics of economics that we’re taught at school 🤨 The concept of price elasticity of demand 📈 Where if the price goes up then demand falls 📉 In this case, it’s quite the opposite They put their prices up and up and still there is high demand 🤔 In fact more demand because customers know if they don’t buy then prices are only going to go one way 😉 You’ll never see a sale in shops like Louis Vuitton Because they know their worth 😏 And they know their clientele Why is it that customers pay obscene prices for such things? 🙄🙈 One reason is due to the ‘prestige phenomenon’ 👉 Which says that: expensive = quality We automatically associate “quality” with things that are “expensive” The same works the other way too… 👉 Have you ever been browsing Amazon for something like a phone case and been put off buying one because it was too cheap? 😉 👉 And then gone for a higher priced one because you feel that it will be better quality - just because of the price… That’s why it pays to be expensive 😎 When you’re too cheap you don’t get valued Not to mention you can’t deliver the kind of customer service that places like Louis Vuitton do 👉 What would you rather? - a queue of people waiting to work with you and giving those that work with you the best possible service - OR - being too cheap and having too m

3 Tips For Increasing Your Prices

Most accountants work too hard for too little money 😔 I used to be the same Because we just want to help people and do a good job We don’t want clients to get upset with us and we hate confrontation But that leaves us working crazy hours without being paid and not living the life we want. That was me in 2014 If I didn’t do something different we’d have gone out of business and i’d have to lay off my team I stumbled across a mentor and committed to investing in myself Learning the business skills I wasn’t taught when doing my training like marketing, sales, pricing and leadership And then things took a turn I became better at communicating my value I overcame the fear of increasing my prices I became a better leader to empower and motivate my team Now my £1m firm runs without me If you want to win more clients, charge higher prices and free up time, i’ve put all my learnings into a training you can watch for free. Comment ‘TRAINING’ below and i’ll send it across. You can do this 🙌

🗣️ I took me 10 years to get my practice to run without me. Here’s how… I realised I didn’t know what I didn’t know So I went on a journey of discovery to learn from people who were at where I wanted to be I invested in my own learning through courses, podcasts and mentors to shortcut my progress And then I saw results It took me 10 years to get there… (because I spent the first 8 years trying to figure things out alone) I made more progress in the 2 years post learning than in the first 8 trying to do it myself Looking back, I figured there are 4 pillars you need to build in your practice to get it to run without you and give you the money and time freedom you want 🙌 Listen to the video to learn what they are 👇😎 PS: want to listen to the rest of the talk where I condensed 15 years of learnings to create a firm that runs without me into a 45m presentation? Comment ‘four pillar training’ below and if you’re a practice owner (or wannabe practice owner) i’ll send it across.

1 webinar changed the course of my life forever. It pushed me to a mentoring program, which over 24 months, took me from: - Struggling - Frustrated - Chasing clients for £500 invoices To: - Winning a 1 off fee of £135,000 - Scaling to £1M in revenue with a team of 7 - Working less than 10 hours a week in my practice I may have never got here without that one webinar. The power of education is massive. In 2024, someone is out there with all the answers to your biggest problems.

How to find your ideal client

🗣️ A hard truth for employers: You don’t trust your team 😮 If you did, then you wouldn’t: ❌ get them to complete timesheets to make sure they’d clocked their hours ❌ expect them to be at the office from 9 to 5 ❌ make them ask for permission to go to the doctor’s ❌ think they’re dossing when they’re working from home ❌ have long drawn out policies for everything tying people in knots ❌ be pedantic around sick days and when people can take holidays Problem is, we hire people but we treat people with distrust from the get-go As if all employees cannot be trusted and that’s why we need all these rules 🤦 What if we thought the opposite 🤔 That everyone CAN be trusted until we’re proven otherwise? And then dealing with those one-off bad apples and making an example of them. 🔎 “Don’t penalise the majority for the potential actions of a minority” 🔍 As leaders, we need to create environments which attract the best talent, retain our high performers and maximise everyone’s potential. Overdoing the rules and policies won’t create that. A culture of trust, empathy and focus on results will 🙌 Make sense or completely absurd ? 😆 Add your tuppence below 👇 PS: sorry to the #lawyers and #HR consultants who’ll be quaking in their boots 🥾 reading this 😅

How to reprice your services #AccountingExcellence #BookkeepingLeaders #FinanceSolutionsPro #TaxSavvyExperts #AccountingFirmSuccess #BookkeepingInnovation #FinancialGrowthStrategies #ProfitEnhancers #AccountingTechTrends #StrategicBookkeeping

You don’t NEED to do ‘business advisory’ despite what the gurus might tell you 🤦‍♂️ There’s a much easier way of making money in your #accounting firm 😉 The work we can do for clients ranges from the following: 1. Compliance (year end) 2. Compliance + (year end + VATs) 3. Financial advisory (managing the full finance function from bookkeeper to FD) 4. Business advisory Not all your clients will want business advisory from you There’s plenty of work and money to be made from doing compliance work well (because there’s so many that don’t) But the cream is in what I call ‘financial advisory’. Where you manage the finance function and provide everything from bookkeeper to FD and anything in between. Not only it is highly cost effective for clients (much cheaper than hiring in-house) it is highly profitable for you (providing you know how to communicate its value and price it 😉) So no need to chase that shiny new advisory toy just yet - focus on doing the basics well and move into financial advisory which you can scale with your team. Love to hear if you’re doing this already - let me know 👇 #AccountingExcellence #BookkeepingLeaders #FinanceSolutionsPro #TaxSavvyExperts #AccountingFirmSuccess #BookkeepingInnovation #FinancialGrowthStrategies #ProfitEnhancers #AccountingTechTrends #StrategicBookkeeping

How to charge higher prices

Prospects don’t care about: - Our awards - Our story - Our list of credentials They care about one thing: How we can help them.

🔈 The ONLY two ways to PRICE (and which one you should you adopt) 👇 1️⃣ Low cost leadership OR 2️⃣ High Value Differentiation According to the management guru Michael Porter there are the only TWO pricing strategies to be profitable 🤷‍♂️ If you answer neither then it’s likely you’re stuck in the MUSHY MIDDLE 😄 You CAN be profitable by being cheap - but you have to be focused on being THE cheapest in the marketplace 🎯 Companies like Aldi, Lidl, Ryanair and Dell pull this off They set out their stalls from the off to compete on price and be the price leader All their back office operations, systems and marketing is geared towards delivering their products or services at the cheapest price for customers Thing is, there isn’t room for many players in that marketplace because it’s always a race to the bottom 🪣 After all, there’s no strategic benefit being the 2nd cheapest 😉 💡 For most of us then the only option to be profitable is to follow the 2nd strategy- HIGH VALUE DIFFERENTIATION 💡 Where you focus on adding value and you focus on being different 👌 Which strategy are you adopting? Or are you stuck in that mushy middle ? 😬 Or is there more than two that Mr Porter has missed? 🤔 Love to hear your thoughts 👇

🗣️ Don’t compare your life to someone’s highlight reel.. You’ve heard that before right? It does us no favours to compare ourselves to others… But what we can do is take inspiration from others of what is possible 🚀 Just a few years ago, I had no clue what I was doing… I then went on a journey having realised that I didn’t know what I didn’t know 🤷‍♂️ I learned from others that had gone before me I learned from some of the best minds on the planet 🌍 in areas like pricing, sales, marketing and leadership I then applied what I was learning 📝 Unsurprisingly I got results 📈 To the point where my practice now runs without me 😎 And I am now fortunate enough to have found my passion in helping other incredible accountants By showing them what’s possible Helping them break through limiting beliefs 🔥 By giving them confidence that they are worth it - and do deserve to have the life they want through building a practice that gives them time and financial freedom 🙌 It’s no shame to seek help I wouldn’t be where I am today had I not reached out and worked with a mentor I continue to learn from others to improve myself daily And that’s how we grow 🌱 As Jim Rohn said “formal education will make you a living, self education will make you a fortune” 🤑 How do you invest in yourself? Do you have a mentor/coach? Set aside time for reading / podcasts?👇 PS: are you an #accountant and want to watch the rest of that talk? link in comments to access - it’s only 30mins along but guaranteed to show you what you can achieve 👊

Coke at the Supermarket = £1.50 Coke at a Starbucks = £3 Coke at a hotel = £5 Coke a a festival = £7 The drink didn’t change. And yet we still pay the increased price. Why? Context. Context is the secret to higher prices. It’s how 2 businesses… Despite delivering the same service… Can charge completely different prices. #AccountingExcellence #BookkeepingLeaders #FinanceSolutionsPro #TaxSavvyExperts #AccountingFirmSuccess #BookkeepingInnovation #FinancialGrowthStrategies #ProfitEnhancers #AccountingTechTrends #StrategicBookkeeping

1 webinar changed the course of my life forever. It pushed me to a mentoring program, which over 24 months, took me from: - Struggling - Frustrated - Chasing clients for £500 invoices To: - Winning a 1 off fee of £135,000 - Scaling to £1M in revenue with a team of 7 - Working less than 10 hours a week in my practice I may have never got here without that one webinar. The power of education is massive. In 2024, someone is out there with all the answers to your biggest problems.

I increased my prices from £200/mo → £5000/mo. Because I learned that price comes from value, not cost. When I order a coffee, I don’t consider: - The cost of labour - The cost of coffee beans - The cost of milk + water - The cost of the cup - The cost of running the shop And use them to decide on a purchase. I (like everyone else): 1. See the price 2. Assess whether it’s worth the money 3. Choose whether to buy the coffee I buy things based on the value I see. Everyone (including our clients) does the same.

I grew my 2nd accountancy firm from 0 → £100k/mo in 9 months by focusing on 1 niche. There are (at least) 3 ways you can pick a niche: 1. By Industry (recommended) 🎯 Doctors 🎯 Dentists 🎯 Property owners 🎯 Construction businesses 2. By Lifestyle Stage 🎯 Startups 🎯 Seed funded Scale-ups 🎯 Ready to Exit 3. By Service 🎯 R&D Claims 🎯 Capital Allowance Claims 🎯 Virtual FD Services The more laser focused you go… The easier it will be to find clients. I explain how to pick the best niche for your firm in Chapter 7 of my book. You can get a copy by clicking ‘view my website’ at the top of this post. It’s free (just pay shipping and handling).

Is having a coach worth it? 👇 Do you invest in coaching? Ps: only 2 spots left on my Mastermind programme for 2024 which includes 121 sessions with me to coach you personally 💪. See link here to apply (https://www.rezahooda.com/mastermind) (price going up in Feb)