30. 4 Pricing Blockages That Shrink Your Profits

Today's episode dives deep into the critical topic of pricing strategies in the financial advisory sector, focusing on the transformative impact of appropriate pricing on business success. Amanda C Watts shares insights from personal experiences and common industry challenges that many financial professionals face when it comes to valuing their services. Key Takeaways:Understanding Pricing Barriers: Many professionals struggle with pricing due to lack of confidence, fear of competition, and limited understanding of the value they provide. This often leads to undervaluation of services.Personal Pricing Journey: Amanda shares her own challenges with pricing, including her initial underpricing at £300 per month, which necessitated acquiring a high volume of clients to meet revenue goals, leading to burnout.Effective Pricing Strategies: The episode discusses successful pricing models, such as charging £2000 per month, which simplifies client acquisition and facilitates sustainable revenue growth.Shifting to Transformational Pricing: Transitioning from low-cost service offerings to transformational pricing, not only enhances client outcomes but also improves business profitability and personal satisfaction.Debunking Pricing Myths: Amanda addresses several myths that hold back financial advisors from charging appropriately, including the myths of contentment with current earnings, seasonal slowdowns, industry-standard pricing, and the small business discount dilemma.Advice for Financial Advisors: To avoid the pitfalls of underpricing and to build a robust advisory offering, financial professionals are encouraged to focus on the transformation they provide to their clients, rather than conforming to industry norms or undercutting their prices to stay competitive.This episode empowers financial professionals with the knowledge and confidence to overhaul their pricing strategies, ensuring their pricing reflects the true value of the transformation they offer to their clients.Want more? Join THE FREEDOM TRIBEHere's all the FREE BONUSES you'll receive when you join our exciting community on Skool; The Freedom Tribe Global Community Of Peers: CPAs, accountants, fractional CFOs, bookkeepers and finance professionals from all over the world sharing ideas, best practice and innovations with each other. Digital copy of Amanda's NEW BOOK, the Business Advisor Playbook: 300+ pages that will transform your approach and share the strategies you need to create, sell and deliver business advisory services. Digital copy of 500:200 Model™ Guide: My tried-and-tested formula for taking home at least 200K with business advisory revenue of 500K. 12 Days Of Business Advisory video series: that walks you through creating the perfect advisory offer. Hand Picked And Categorised episodes of the Business Advisor Podcast to accelerate your journey from a compliance-led to an advisory-led practice. PLUS: There are a few other surprise bonuses that can be UNLOCKED once you are inside the community: Get Clients Course and 5 Day LinkedIn Challenge. Super excited to see you there, and looking forward to helping you achieve all that you want in life. -Speak to you in the next episode...

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