As a bookkeeper, you might be thinking about how you can make more money in your practice in 2024. But what if there was a faster way to earn more, without the pressure of finding new clients?
Fortunately, there are some really effective ways to boost your bookkeeping business income without relying on new clients. In this blog post, Zoe Whitman, business coach at the 6 Figure Bookkeeper and host of The Bookkeeper’s Podcast introduces six strategies you can use to increase your bookkeeping business income in 2024 without finding new clients.
Increasing your service fees can be daunting but the fact is that the cost of goods and services is always on the rise, and your fees should reflect this reality. If you’re not increasing your fees periodically, you’re actually reducing your income, your profits are depreciating.
Of course, it’s important to approach this carefully, be transparent with your clients about why you’re increasing your fees and how it will benefit them. For instance, higher rates could mean more dedicated time for their accounts or access to better accounting software.
So, ask yourself: are you confident that you’re charging enough for the work you’re already doing? It sounds simple, but we know it can be hard to ask for more. As advocates for charging your worth, we want to make sure you’re earning what you deserve. Increasing fees for your existing clients is your fastest route to earning more in your practice.
Upselling is all about identifying your client's needs and showing them how your additional services can support them. This not only increases your earnings but also deepens your relationship with your clients as you become more integral to their operations.
Next time you speak to a client, turn the conversation to their goals for 2024. Ask them about their future plans, both in business and life and you’ll uncover opportunities to offer more services. Are they looking at new offices? They could benefit from assistance with planning their cash flow and financing the move. Are they looking for ways to take more money out of the business? They could benefit from an introduction to a tax planner who can offer a referral fee. Is 2024 going to be the year they finally push ahead with this business? A monthly planning meeting could support them with setting goals and tracking their progress.
As a bookkeeper, you have a unique insight into your clients' financial health. You can leverage this knowledge to offer consulting services. This could involve advising on cost-saving measures, performing financial analyses, or even helping implement new financial systems.
Offering such services positions you as a trusted advisor rather than just a service provider which in turn links to becoming seen as more valuable and being able to increase your rates.
We must remember that bookkeeping is more than just data entry and record-keeping, and there comes a point at which every business has decisions to make about the future. Use your business skills and insight into your clients’ finances, to offer customised consulting services, such as advising on cost-saving opportunities, conducting financial analysis, or implementing financial best practices through new systems.
As naturally very supportive professionals, bookkeepers often fall into the trap of giving away information for free - particularly to the smallest businesses and startups we genuinely want to help.
Not charging for this time though means you may be left feeling resentful for the time you’re giving away for free, or your clients feeling bad to ask for support. All of the questions you spend your time on can be packaged together into a webinar or training event that you charge a small fee for, giving you a more focused window of time to deal with such queries, while earning at the same time.
An alternative is to charge for consultations or power hours, another way to offer a client the support they need, while not working for free. This approach can also be a great way to attract potential clients who can sample your expertise at a lower cost before committing to more extensive services.
As business owners, your clients don’t just need a bookkeeper. They’re also likely to need a financial advisor, a solicitor, an insurance broker and a business coach at some point in the future.
Building your network and setting up referral agreements with service providers you trust, can be a great way to boost your income for very minimal effort. One of the best ways to leverage your time is by creating passive income streams, and it not only boosts your income but also expands your professional network.
The beauty of technology is that it allows you to automate repetitive tasks, and bookkeeping is filled with them.
One way to earn more from your business is rather than piling in at the top line, reviewing your expenditure and identifying where you might be able to invest more wisely.
Automation can be an excellent way to provide higher-quality services without additional staffing. Automating work that you and your team are doing manually now can also give you the capacity to spend more time with your clients delivering service at a higher level.
Look at opportunities to speed up your workflows with less manpower, either reducing your cost base or giving you the capacity to earn more with no additional investment.
For example, if you’re manually making payments via bank transfer on behalf of clients, you could consider using software such as Telleroo to automate supplier and payroll payments, allowing you to provide a valuable service to clients while saving you time that could be spent elsewhere.
Boosting your bookkeeping income doesn’t always mean finding new clients. There are several ways to boost your bookkeeping business income without the need for new clients at all.
Reassessing your rates, upselling existing services and offering new customised services, monetising your free advice, setting up referral agreements and automating your service can not only boost your income but also solidify your relationships with current clients by showing that you really are their business partner at every stage.
These strategies allow you to provide more value, and in turn, earn more. As a bookkeeper, you’re an important part of your client’s financial success, so start making these strategies your focus for 2024, and watch your bookkeeping income soar in 2024.
Want to scale your bookkeeping firm? Join the 6 Figure Bookkeeper for hands-on mentorship that supports you in building a profitable practice that fits around your life.
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