When my accountant completed my tax returns last year, he sent them to me for my signature, along with his bill. Everything looked good, except for one thing. His fee was a lot higher than it was the previous year, and that was higher than the year before that.
And it was a big increase. Almost shockingly so.
What did I do?
I paid it.
I thought about making a stink, even finding another CPA, or at least telling him I wasn’t happy about the increase and asking him why. But I’ve been with him for decades; he does good work and I trust him and I’m pretty sure he saves me more than his fee. And, let’s face it, inflation has been bi-otch for the last several years.
So I said nothing.
But the increase still rattled my bones.
So, if you’re thinking about increasing your fees anytime soon, I have some advice.
First, don’t agonize about it; do what you have to do. Clients understand that the price of everything goes up and that things tend to cost more this year than last. But don’t just send your clients a higher bill—give them a heads up.
Tell them in advance that your fees are going up and tell them why.
Mention inflation or other factors. If it’s been a while since the last time you increased your fees, mention that, too. And don’t wait so long next time because the longer you wait, the bigger the increase, and the more shock and awe your clients might feel.
Also, do what you can to take care of your most loyal clients. The ones who have been with you for a long time. Consider delaying the increase for them and tell them that. “As one of our most valued clients, we’re keeping your rate the same for the next 3 months,” for example.
I would have appreciated getting a note from my accountant along those lines.
In short, show your clients you don’t take them for granted. Put yourself in their shoes and do what you would like them to do if your roles were reversed.
They might be shocked at the size of your next bill, but if you’ve done things right, they’ll pay it.
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