Facing Into Challenging Economic Headwinds with Des O'Neill

02/03/23 • 48 min

2022 was the year that was billed to be an economic boom for the UK which was allegedly going to be comparable to the post WW2 boom. The post COVID boom has come but things are not turning out as expected though.
- Brexit
- Post COVID employment and labour shortages
- Post COVID supply chain issues
- Inflatio
- The war in Ukraine
- Political and societal uncertainty
.... are all contributing to significant uncertainty in all aspects of business and life.
Why is this important?
Accountants are critical in creating certainty in uncertain times but that is difficult when there is uncertainty in our own businesses.
Accountants were the front line heroes that kept businesses and their owners on track when the pandemic landed. It's different now but we are needed more than ever before.
Never before have we been as busy. Never before have we been in as much demand. There are more clients and there is more work but never before has it been as difficult to secure the people and the resources to get the work done.
We need to get really clear on what we are doing? What is important to us? How we are going to get a better result?
The latest episode of the Value Pricing Podcast is now available: Facing into challenging economic headwinds with Des O’Neill
In today’s episode you will learn:
⓵ Changing our Strategy and Business Model to reflect the realities of business and the world we are operating in, in 2022.

⓶ Adopting a different approach to people and accessing resources Post-COVID.

⓷ Regaining clarity on who the clients are that we are meant to serve and identifying the ones we may need to let go of

⓸ Refocusing on our pricing and product and adopting new tactics that will get a better result for the firm, the team and the clients

⓹ Creating a predictable pipeline of the new clients that we want and need that fit in with our new strategy and business model

⓺ Relieving the short-term pressures on you, the firm owner, and your team.

Join Des and I as we discuss the current trends in the industry and the 6 steps accounting firms need to take now to stay successful in these ever-changing times.

And check out the CPD Store here: https://www.cpdstore.co.uk/pages/cpd-club-200

⓶ Adopting a different approach to people and accessing resources Post-COVID.

⓷ Regaining clarity on who the clients are that we are meant to serve and identifying the ones we may need to let go of

⓸ Refocusing on our pricing and product and adopting new tactics that will get a better result for the firm, the team and the clients

⓹ Creating a predictable pipeline of the new clients that we want and need that fit in with our new strategy and business model

⓺ Relieving the short-term pressures on you, the firm owner, and your team.

Join Des and I as we discuss the current trends in the industry and the 6 steps accounting firms need to take now to stay successful in these ever-changing times.

And check out the CPD Store here: https://www.cpdstore.co.uk/pages/cpd-club-200

Previous Episode

How to Set Out Your Fixed Price Agreement

I hear problems like this all the time...
“The client hasn’t done what they promised!”
“The client has asked for me to do more work that I didn’t price for.”
“It’s taken me longer to do the work than I initially thought.”
“The client’s business has grown and there is more work now.”
These are all examples of scope creep.
Scope creep is a huge problem for a lot of accountants and bookkeepers – so many are losing money because they don’t know how to price for these scenarios and end up just taking a hit rather than asking the client to pay up.
The main reason these problems arise is because there was not enough clarity in the original agreement.
When you sign up a new client for one of your services, you need to manage their expectations.
If the client understands exactly what they get with your service (and what they don’t get), what’s expected of them, and how the price might be altered if their circumstances change, it will prevent any fee disputes and stop you from losing out due to scope creep.
You can manage your client’s expectations through a Fixed Price Agreement.
This is a document that lays out the details of your service and how the fixed price is determined.
Should the client’s circumstances change, they request some additional work, or they fail to deliver on a promise, you can simply refer them back to the Fixed Price Agreement to explain the resulting adjustment in price.
The client has total clarity – and you will never make a loss from scope creep again.
The latest episode of the Value Pricing Podcast is now available: How to Set Out Your Fixed Price Agreement
In today’s episode you will learn:
✅ How scope creep can be the biggest financial drain on your business

✅ How to manage your clients expectations to avoid scope creep

✅ The 9 essential elements to add to your Fixed Price Agreement

✅ What to do if something changes, or the clients doesn’t do what you expected
Listen now!

Next Episode

How to Know When Your Prices Are Correct

Getting the right price is so infuriatingly difficult.
And the bad news is... your current prices are most likely WRONG!
People always ask me “So, how do I know when my prices are right?”
There is a really simple answer to this – you can’t.
(Well, that’s a really short podcast episode...)
Look, you are never going to know if your price is correct because every client is willing to pay a different price. We aren’t mind readers – we don’t know what their maximum budget is (and it’s not like we can just ask them).
But the thing is, the fact your prices are never ‘correct’ can actually be a good thing.
And there are plenty of techniques that you can use to make sure are getting as close as possible to that maximum price.
In today’s episode you will learn:
✅ The 7 essential factors to consider when coming up with your price

✅ Why there is no such thing as a market price

✅ How to alter the perception of value so clients are willing to spend more

✅ 5 top strategies for getting the highest price possible
You will never know what the right price is because the right price simply does not exist. People value things differently and supply and demand are constantly changing – so your prices need to constantly change as well.
Listen now!