The problem is if you’re not great at marketing, it doesn’t matter how spectacular a bookkeeper you are because people won’t know how to find you. The good news: marketing is a skill you can learn just like you learned bookkeeping. And if you love numbers, that’s a good thing, because there are a lot of them in marketing!

This is the perfect time of year to come up with your marketing plan. Soon you’ll be swept away with the busy tax season and it will be harder to focus on YOUR business growth. Start by brainstorming where you’d like to be three to five years from now.

Once you have that big picture, then you can work backwards breaking this ideal scene down into short-term goals, specifying those milestones that need to be achieved along the way to this long-term goal. Every morning review your marketing goals.  Keep them in plain view – by your desk or next to your computer.  Having them constantly in front of you will keep you aware of opportunities that cross your path to help you achieve those goals.

Then, take out your calendar and schedule in the time you need to actually accomplish your goals. Honor these appointments – whether it’s a networking meeting, time social networking or writing a quarterly newsletter to send clients.

On Friday, February 10^th The Bookkeeper’s Club will get must-have marketing advice in their Ask the Expert Call with Sandi Smith Leyva. Marketing maven, CPA, and Certified QuickBooks ProAdvisor, Sandi will share, “5 Simple Steps to Get More Clients, More Profits, More Free Time”. You’ll discover the most important step – that everyone leaves out – that you mustn’t if you want your marketing to work.

Not a member yet? Click here to review all the benefits, including marketing training from Sandi AND a monthly marketing plan you can adapt to your bookkeeping business.

Albert Einstein said that the definition of insanity is doing the same thing over and over again and expecting different results. Sadly, many freelance bookkeepers feel stuck with the insanity of charging by the hour.

When you first started your business, you may have felt that was the easiest way to charge. That’s how it’s been traditionally done for years. However, you may have run into these problems:

• Clients don’t pay your invoice on time.
• Clients don’t pay your invoice at all.
• As you become more proficient, you’ll earn less money for the same amount of clients.
• Clients think you’ve spent too many hours doing the work.
• Clients think you shouldn’t charge the same rate for your staff person.
• There’s a limit to how much money you can make.
• You aren’t compensated for the hours spent on marketing or doing your billing.
• Your cash flow is intermittent because you’re billing in arrears.

Since there are so many problems inherent in charging by the hour, how do you break free from this insanity and change your business model in midstream?

First, you must change your own mindset and recognize the value of your expertise and that you deserve to be paid for it. Many businesses are shifting to a value-based model, so it’s very acceptable to clients. They won’t have trouble adjusting if you follow these steps:

1. With existing clients, create a block-of-hours package that they can purchase in advance. Offer five, eight or ten hours. The more hours they buy the better rate they receive. When you’re down to four hours left, bill them their next round of billing. It’s a great confidence booster to migrate from charging by the hour to receiving money up front from existing clients. And it gets them ready for the next step.
2. Offer work on retainer and in packages where you’re paid in advance in exchange for giving the client everything they need for the annual accounting cycle. That includes weekly processing of their bills, receivables and payroll, quarterly financials, an annual tax package for their CPA and a 1099.

These packages are based upon two or four hours a week, whatever the minimum amount of time you’ll work for that client. But don’t communicate that to the client. Instead tell them, “You’re in my Accounting 101 package, which gives you processing once a week. Here are 10 other things you will get in this package that meets all of their accounting needs within an accounting cycle.”

Caveat: When you begin working with a new client, you have to clean up their accounts first. You can’t jump into a retainer package. You have to price that separately. Do a paid bookkeeping evaluation to scope out what the client needs. If you get a good sense of what that is, give them an “estimate” based on a total number of hours with this proviso, “This is based upon the cursory review that we did. If there are any material changes to this as we progress with your project, we will let you know immediately.” That applies whether things are less or more than what you thought. You need to be fair.

Often the only thing holding a freelance bookkeeper back from making these changes is a personal mindset. At The Bookkeeper’s Club, we discuss how to get past those limiting beliefs as well as share practical advice on taking your business to its full potential. Why don’t you join us there?

Over the years I’ve come up with what I call a price increase formula. I have never had a bookkeeping client object to my rate increase since I began implementing it. I discovered that the key was to be prepared. I recommend that you script out what points you want to cover in a verbal conversation as well as written communication in the form of an email or letter.

Start off with what you’ve accomplished since you’ve been working together. This is not every single little thing that you’ve ever done. If you’ve been working for a client for several years you can reference some big things that you’ve done together.

Next, let them know there will be an increase. Do this at least 45 days out. It’s only fair to set a date in advance so that your client doesn’t feel like you’re pushing this on them at short notice.

There are two ways to communicate the increase depending on what you think will work best with your client’s personality.

• One way is to give them the incremental piece. If you’re doing packages, you can say, “Effective January 1st there will be a slight increase to your monthly fee of $75 per month.” If you are doing an hourly rate increase you can say, “There will be a $15 per hour increase.”
• The other way to represent it is to do the full increase. You can say, “Effective January 1st your new rate will be $XX.” That’s it. It’s a very simple sentence. Keep it short, sweet and clean. You don’t have to justify why you’re increasing your rates. We are a professional services firm. That’s the end of the conversation.

Next, tell them how much you enjoy working with them and invite them to ask questions. Simply say, “Do you have any questions or concerns?” Do not be afraid of that conversation. This does not mean that you have to cave and not increase your rates.

This is the part of the conversation that reveals why you must first do some internal work. If you don’t, it’s at this point that you’ll allow your boundaries to slip. Without the proper mindset going into this conversation, you’ll lose your courage.

If they ask, “Why are you increasing your rates?” you can say, “I’m raising my rates to stay competitive and bring you the best resources. I pay my people well in order to do that. That’s evident in the services that we provide to your company. Would you agree?”

End by recapping how much you enjoy working with them and that you want to continue working with them. If you’re writing the letter first, include those two things in that last paragraph, “We really enjoy working with you. It’s been exciting seeing your business grow. I invite you to set up a time to speak with me if you have any questions.”

This is the basic formula I’ve used, and taught other bookkeepers to use, to successfully increase rates. You might send the letter first and then have the conversation, or visa versa, depending on what you think the particular client would appreciate. Make sure to do both.

Having this money conversation can be one of the hardest things a freelance bookkeeper does. That’s why so many bookkeepers and accountants are gathering at The Bookkeeper’s Club. We’re a community that supports each other, gives valuable feedback, and teaches processes so you can confidently make your bookkeeping business productive and profitable.

When I’m feeling this way, it is so easy to create situations to further prove to myself I am unsupported and thinking I need to do everything myself.  (Remember, thoughts become things – so why do we choose the ones that make our lives more difficult?)  In this particular mastermind session, I was questioning yet again whether or not to proceed with a certain aspect of my business that was clearly not providing me with the results I desired and had not been for well over three years.  I was beyond the point where I had the luxury of continuing to invest money to make this venture successful, yet I continued to do this month after month and complain about it!

On a logical level I knew it was not working, but on an emotional level I was still in denial.   What I can liken it to, is you don’t realize how much weight you’ve gained until you see a picture of yourself.  As you look at the picture you gasp and think, “Why didn’t I see before?  I look in the mirror every day!”  It’s only when you are able to recognize the situation that you can do something about it.

I was holding on so tightly not because I had to prove I was right about how successful this area of my business could be, which I still believe it can. (Perhaps a little residual denial still left over? J)  I was holding on so tightly because it was keeping me safe.  By focusing on this area of my business, I was occupying myself with busy work that wasn’t producing consistent results.  The busyness kept me blind to the truth and the only way the Universe could get my attention was to stop the flow of money.

Money Muscle Strengthener

Most of my life lessons have shown up and been taught to me through money.  This may or may not be the case for you.  Your lessons may show up in relationships, with food, being a workaholic, etc.  No matter how they show up, they all have one thing in common – we are not being emotionally authentic with ourselves and showing that authenticity to the world.

The question I asked myself is, “How can I recognize when I’m not being authentic before the money stops flowing?”  For me, the answer is creating a way in which I can check-in with myself and tune into how I am feeling.  By doing this each day, I am able to recognize the fear, acknowledge it and move through it.

How I do this is to stop what I’m doing, close my eyes and breathe – it’s that simple and the beautiful part is that I can do that as many times as I need to throughout the day!

Your check-in can take the form of:

• Going for a walk and listening to nature
• Journaling
• Taking yourself out for lunch, to a movie, for tea
• Closing your eyes and feeling your toes
• Yoga
• Cooking

Checking in with ourselves doesn’t have to be big, loud or complicated.  It just has to be.  I’d love to hear how you check-in with yourself.  You can do so by leaving me a comment.

Freelance bookkeepers are faced with so many life and business-altering decisions.Since you’re your own boss you’re constantly asking yourself questions like: “Should I spend so much money to buy this new equipment? Should I keep working from home or rent office space? Should I expand? Should I hire an employee, use a temp service or an independent contractor?”

How are you supposed to make good decisions that you won’t regret? There’s a golden question you need to answer. It’s: “Is this something I really want?” You may say that you want to grow your business and earn $1 million, because you see someone else doing that. However, the answer you need to find is whether it’s right for you. I would encourage you to sit with that. Say, “Is this something that I want? Am I happy just being me with my business and earning X?”

It’s not comfortable for everyone to have seven, twelve or even two employees. There are people who have great small businesses and they’re happy. They make a great income and have the flexibility they desire. They’re happy because they know exactly what it is that they want. That’s the key.

But what if you do want to pursue something but fear holds you back?

If the fear is too much for you, maybe it’s not right for you. However, maybe that’s exactly where you need to go. Before you disregard a new course that you’re resisting, you need to look at it and say, “What is it about this that scares me?” Resistance is fear. Sometimes we’re afraid of being who we’re supposed to be.

You can choose to stay where you are, or you can choose to move through the fear.

The worst place that I feel any of us can be in is where we have our foot on the gas and the other on the break at the same time. We’re doing ourselves a huge disservice. Either make the decision to stay where you are and be okay with it or make the decision to push through the fear.

You need to identify and acknowledge when you’re in resistance, in fear. Then take some time to sit down and try to connect by asking yourself: “What is it I really want?” Acknowledge how you feel and honor who you are.

Don’t waste your time and energy on what I call “comparison energy.” Those are things like, “So-and-so is doing this. I should be doing that, too.” Why? It may perfect for that person. Maybe it’s not. You don’t know. You’re only seeing the outside. You have to do what’s right for you.

Then I heard this quote which really impacted me. I cannot remember who said it, but here it is…

That quote got me off my butt and motivated me to take the actions that I needed to take to get the weight off and keep it off. It made me realize I was using an “unreasonable reason” as to why I couldn’t take the weight off. I made a commitment to myself and the weight came off quite easily and has stayed off.

So, what does this have to do with business? Pretty much everything!

The energy of commitment is the highest form of energy any one person can be operating from. When we are operating from that place we will do whatever it takes, no matter what. There are 4 top areas of resistance. Being familiar with the roadblocks we can use to stop ourselves from moving forward can be helpful in not only gaining clarity for ourselves, it will also help us to recognize it in our prospective clients. The 4 top areas of resistance are:

1. Time
• I don’t have the time.
• I’m busy.
• I have to wash my cat.
• I have things I have to do. Do you know how much I have to do?

Time is not real. It is something we’ve collectively created as a society as a form of measurement. When we “think” there is not enough time, we are operating under the guise of a limiting belief.

2. Money
• I don’t have the money
• Who do they think they are charging that much?
• I don’t deserve it/I’m not worth it.
• Where are the clients who can afford to pay me what my rates are?

Money is one of the easiest forms of resistance we can use to not move forward. There is a common belief that if we say, “I don’t have the money” no one will challenge us. The truth is, when something is important to us, we find the money to move ahead, no matter what.

3. Timing
• I don’t feel it’s the right time for…

Is it ever the right time? The real question to ask and answer as honestly as you can is, “If you don’t move ahead now what is your plan? What will be different if you wait?”

4. Relationships
• My [wife/husband/boyfriend/girlfriend] won’t let me
• My [wife/husband/boyfriend/girlfriend] won’t approve

When we use this excuse we have given our power away to another person.

Check-in. Where are you feeling resistance in your life? Where are you making “unreasonable reasons” to not do something? Your resistance is your doorway to freedom and exactly where you are meant to go!

How can you paint a picture that reaches your prospective clients?

Before you can paint a picture you need to understand the client’s pain and challenges, and the only way to do that is by asking questions.  Knowing what kind of questions to use and when to use them is an art.  Let me share with you three types of questions and how to use them to open up good conversations with your clients.

Closed-ended questions are used when you’re qualifying the client. They get the client to reveal the finite bit of information about their business that you need to know.  They’re typically answered with a “yes”, “no” or one word answers. But they don’t take you any further than that.

Open-ended questions open up the conversation with the client and get them talking.  They presuppose or assume something. They start with who, what, why, when or where. For example, they could be, “How are you currently doing your bookkeeping? How much time does it take you? What challenges are having with your bookkeeping?” These reveal their pain points and challenges.

That’s when you’ll use what I call magic questions. Once you find out their pain, then you can paint the picture of how your freelance bookkeeping services provide tangible solutions to their problems.  You want to take all of that pain they’re experiencing and repeat it back to them in a way that shows how you can help them.

Magic questions help them to imagine the outcome that they truly desire.  A magic question starts with, “What if or tell me.”

For example, you can help them see the big picture by asking, “Tell me, what would you be able to do in your business if you had four extra hours every week because you’ve hired someone to take care of all the bookkeeping? What would be different in your business? Would you be able to add an extra client or two to your consulting service?” They’ll see by signing on the two extra clients they’re not only more profitable but they’ve paid for the bookkeeping four times over. You want to show them these kinds of possibilities.

By using these three kinds of questions as your paintbrush: the open-ended, closed-ended, and the magic questions, you’ll find out all the pain points and use that information to help your client picture themselves enjoying the solution that your freelance bookkeeping services can bring to their business. Qualifying a client in this way guarantees that you will work with clients you love!

Great insider tips like these are what we’re discussing inside The Bookkeeper’s Club.  Why not come and check it out for yourself?  There are now three different levels that allow you to find the right mix of training and support your freelance bookkeeping business can really use.

He doesn’t like dogs and wants absolutely nothing to do with them.  Has this swayed Julia?  That would be a big resounding NO!  It has only made her more determined and she is taking a no excuses approach to the whole situation.

Over the past couple of weeks, Julia has not only gotten Connor to come over and visit the dogs with her, but he now pets them and plays ball with them.  At eight years old Julia assessed the situation, planned a course of action and executed her plan – no excuses!  There is still a ways to go until Connor is 100% comfortable with having his own dog, but she is well on her way to reaching her goal.

So what does this have to do with the Money Conversation?

The Money Conversation is the process each business owner follows that creates a straight path between the money they are paid for the services they provide or products they sell.  That straight path consists of establishing boundaries within which your business operates (process), communication of those boundaries (courage), and believing you deserve to be richly compensated (self-worth).

If we are telling ourselves:

• I can’t get out of debt because I don’t have enough money right now.
• With this economy, there isn’t any business to be had out there.
• All I’m getting out of going to networking events is an increased waistline.

We are letting excuses (a.k.a. fear) keep our world small.  Excuses are well-planned lies we tell ourselves that keep us from moving forward.

Last year my thyroid went out of whack and I put on a considerable amount of weight.  Thyroid disease is not something new to me.  I was diagnosed more than 15 years ago and all that time I managed to keep the weight off.  (I have the one with the slow metabolism.)

So what was different last year?  Why was I gaining weight?

I was making excuses as to why I could not lose the weight convincing myself it would not work.  As soon as I changed my mindset and took a no excuses approach, guess what magically happened?  The weight came off!

Things only change when we are at that place where we make and take no excuses.  Our thoughts become things and what we think manifests in our lives.  So if you…

• Desire to be out of debt, think and believe the amount of money you receive right now is enough.
• Truly want new business, create your own economic reality.  During the Great Depression vast fortunes were made (and lost).
• Believe you will make two good connections that will either become business or lead to business for each networking event you attend.

As Mike Dooley says, “Thoughts become things.  Choose the good ones.”

Not only that, you’ve also done the right follow up. And, finally, you’ve gotten an appointment to meet a prospective client! Aren’t you excited and full of optimism for how your freelance bookkeeping business is finally taking off?

You dress with extra care. You make sure you have all your handouts and packages printed out and easily accessible in your case.  You’ve rehearsed your presentation over and over again in your mind.  You know exactly how you’re going to spend the money that this new client is going to bring into your business.

The meeting seems to be going great when … all of a sudden… they put the brakes on and say: “I need to talk with my partner before I decide” or “I need to think it over first?” Does this catch you unaware, like a deer in the headlights? Because you don’t know how to handle it, do you just say, “Okay, I’ll be in touch to see what you decide”?

Nine times out of ten you won’t be able to get them back to the momentum that you’ve built up. You just know that the deal is lost.  Another part of the problem is that, if you just walk away, you’re not going to feel like following up because of the disappointment you’re feeling.

Rather than letting this negative response stop you dead in your tracks, is there something you can do to get past it and keep the deal alive?  Have you thought about having a go-to phrase that you can pull out of your back pocket to get you out of this jam?

First, you do need to realize that it’s okay for people to take time to reach a decision. But before you leave, there’s a vital question you should ask to make sure there’s not a stumbling block left in the way.  You need to find out what’s making them hesitate by asking:  “What questions haven’t I answered for you?” That’s a powerful question to get them to reveal what’s holding them back.

More than likely they have a question or concern that you haven’t answered yet.  They might not even know what the question is.  Or there’s something going on with them that they haven’t shared with you.  They know they need to do something differently, but they don’t know what it is.

That’s why asking this question will keep the conversation going until you can figure out the problem.  Then you can help them clearly see that by employing your bookkeeping services, you’ll be freeing up their valuable time to take care of the things they truly need to be focusing on.

Secondly, you need to give them a specific time and day when you’re going to contact them again. This keeps you accountable for following up and them accountable for giving an answer.

Even if they don’t choose to go with your services at that time, you can keep your business in their mind by checking in at a 3-month and 6-month interval with an email saying. “I was thinking about you and how you expressed interest in … where are you in that process?  If you’d like to talk about this sometime this week, I have time available.  Let me know if you want to set something up.”  It’s a non-pushy way of keeping the communication going.

Pssst…Would you like to know a secret? What I’ve just shared with you is just one small segment of a recent Money Conversation I had with The Bookkeeper’s Club recently. We brainstormed together to come up with a solution to this very problem. Why not come and check it out for yourself?  There are now three different levels that allow you to find the right mix of training and support your freelance bookkeeping business can really use.