Hailing from Sports Psychology, Loren Fogelman played a crucial role in helping high-achieving athletes overcome mental barriers (aka the yips) preventing them from playing their best or recovering from their work related injuries. She joins us today as a business coach for the world of CPAs and Accountants with a set of skills and practices every entrepreneur can learn from to double their income in half the time. Even if you’re not a professional preparer of taxes, these methods will still work for you just as well.
In this episode we talk about what is the makeup of a high value client? How is value pricing different from flat fees or value fees? The importance of emotionality when selling services and understanding your value and what you bring to the table. We also learn about the Good, Better, Best pricing model that you can use today.
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3:30 Joseph asks Loren if her preparedness is indicative of her profession, Loren corrects the record that she is not an accountant herself, but a sports psychologist turned business coach whose clientele are in the world of accounting, CPAs and tax preparers..
6:19 Joseph takes the opportunity to inquire about the annual work involved in her field, considering how other industries have peak periods, what are the non-peak periods like for CPAs/Accountants?
11:21 The outstanding issue of the day; what’s stopping people from raising their rates? Loren discusses how the issue stems from our initial work experience tying our money to our time.
17:17 Joseph provides some backstory to his experience as a freelancer as well as a paid employee. What has been Loren’s experience working with clients and how do they perceive the relationship between time, work and compensation?
24:30 When working with legacy clients, raising the rates on them depends on what kind of services the coaches offer. Personal health and soft skill based coaches don’t necessarily have a quantifiable ROI to clearly justify an increase in rate.
30:00 Raising rates is an incremental process; Joseph asks if inflation, as it’s been a more known topic of discussion, is more used in negotiations. Loren makes the point that using inflation as your reasoning makes it look like you’re punishing the clients.
34:40 Paying something upfront can lead to some rather primal reactions, the sense of loss, compared to the cost saved down the line. Joseph asks how much emotionality plays a part.
39:16 Our expertise as professionals emerges by knowing what products and services are more valuable to offer to the client. Joseph shares an example of producing a high quality limited series rather than an ongoing one when budget is an issue.
42:49 Have there been times where staying on fixed priced or time-based was the better option? Loren points out that it’s possible but there are numerous downsides.
46:45 Loren talks about the importance of detaching from our clients to a certain extent, it’s not our responsibility for them to succeed in ways that weren’t made clear on any sort of contract.
51:32 Loren talks about the gradual process working with clients to help them understand how to accept payment upfront.