Why You Should Never Bill by the Hour with Loren Fogelman

Why you should check out today’s podcast: Know how to price yourself and services right Learn why billing by the hour is a disservice to you and your service  Why you should you never underprice yourself and your services so no money is left in the table   Loren Fogelman is an expert in pricing strategy and sales for small business owners. Her passion is empowering accounting professionals and other entrepreneurs to double revenues by working half the time through strategic pricing and effective sales techniques. Loren coaches service-based entrepreneurs to shift away from the trap of the “dollars-per-hour” business model to a value-based model that has, in some cases, allowed her clients to reduce workload by as much as 50% while doubling revenues. In this episode, Loren shared about why most service-based entrepreneurs are underpricing themselves and how she helps them truly price based on value and how hourly-based pricing is not being fair to them and their clients.   “It's not one-set price unless you're looking at it from a subscription-based model, which is, it's really having what I call a value conversation where you're asking the client great questions and then you're pricing the client, not the service.”  - Loren Fogelman   Increase Your Pricing Knowledge: Become a Champions of Value INSIDER!  To sign up go to insider.championsofvalue.com. Use the promo code ‘INSIDERNOW’  to take advantage of our special $5 offer for the first month. Topics Covered: 01:18 - How Loren got into Pricing 02:45 - What is "The Ultimate Pricing Bootcamp" and who is this for 05:54 - How to price an accountant's service or project offer 11:41 - Who are her target clients 12:02 - Who is her speaking clients and what type of clients are they 13:07 - Introverts versus extroverts 13:46 - Her best pricing advice 14:27 - Why do clients underprice themselves and how does she help solve their problem on this matter   Key Takeaways:   “What we want to do is recognize that the clients aren't buying their time. It's just that culturally they've been trained to ask what's your hourly rate? And also accounting professionals have been trained as employees to clock in and clock out for their services. That's not really the highest value, all their clients want to know is can you deliver on your promises and can I trust you to do that? That's really what they primarily want to do and the faster the better.” - Loren Fogelman   “We price it according to what the client values instead of what they value as the practitioner. And that is really the key piece is stepping into your client's shoes to understand how they view the value of what you offer instead of looking at it from where you are.” - Loren Fogelman   “What I would say is to understand that pricing is not what you think it is. The majority of professionals, from my research, 57% of the professionals actually underpriced their services. If you are trying to price it yourself, you're probably leaving money on the table.” - Loren Fogelman   “One of the things that I do with a lot of my clients, because they know that they undervalue themselves, is we'll get on a call together, I will review their packages. Maybe they have a proposal coming in and we will go ahead and create the packages and actually price it together because if it was left up to their own devices, they would base it off of their hourly rate and that's not really going to help them make more money without having to work harder.” - Loren Fogelman People / Resources Mentioned: businesssuccesssolution.com/let'stalk   Connect With Loren Fogelman: LinkedIn Businesssuccesssolution.com   Connect with Mark Stiving:    Email: [email protected]     LinkedIn     Twitter