Why repricing can transform your accounting firm’s growth

Why repricing can transform your accounting firm’s growth

It’s easy to just focus on finding new clients when you’re thinking about growth. But sometimes, the greatest opportunities lie with the clients you already have. Repricing is a practical way to unlock the untapped potential in your existing client base, ensuring your fees reflect the value of your work while fostering long-term relationships.

Existing clients as your greatest asset

Your current clients are more than just a source of recurring revenue – they’re the foundation of your firm’s success. Studies show that acquiring new clients can cost five times more than retaining existing ones. By repricing, you’re not just adjusting fees; you’re reinforcing the value of your services to the people who already trust you.

Clients grow and change, just as businesses do. When their needs evolve, the services you provide often increase in scope and complexity. Without repricing, your firm might end up having to work harder or spend more time on a client without being paid fairly for the additional effort. This can squeeze your profit margins and, in some cases, strain your client relationships.

Why outdated pricing can hold you back

Over time, it’s all too easy for pricing to drift out of step with the services being delivered. For instance, a client who started with basic compliance needs might now rely on you for strategic advice, forecasting, or tax planning. If your fees don’t reflect this additional work, it’s not just your bottom line that suffers – it’s also your ability to dedicate the right resources to support that client’s success.

Repricing ensures fairness for both parties. Your clients get a clearer understanding of what they’re paying for, and you’re better positioned to maintain the high standards they expect. Leaving outdated pricing structures in place often leads to misunderstandings about the value you’re providing.

Changing the conversation around repricing

For many accountants, repricing can feel uncomfortable. There’s a natural worry that conversations about fees might strain client relationships. But with the right approach, repricing is an opportunity to enhance those relationships, not harm them. It’s about creating transparency and aligning fees with the services that truly benefit your clients.

The key is to see repricing as an investment in the relationship. By setting fees that reflect the value of your work, you’re ensuring that you can continue to meet your client’s needs effectively. It also sends a message: you’re serious about helping their business succeed, and you’re willing to ensure your services are sustainable and fit for purpose.

Immediate and long-term benefits

Repricing delivers benefits that go beyond boosting revenue. In the short term, it improves cashflow and profitability, giving you the resources to reinvest in your firm and your team. But the longer-term advantages are just as significant.

Clients who understand the value of your services are more likely to remain loyal. Repricing creates an opportunity to have meaningful conversations about their goals and challenges, reinforcing your role as a trusted adviser. These discussions also help you identify additional ways to support them, potentially opening doors to new service areas.

For your team, repricing ensures workloads are sustainable. Fair pricing allows you to allocate resources more effectively, reducing burnout and increasing overall satisfaction – both for your staff and your clients.

How to make repricing work

A structured, transparent approach is essential. Tools like GoProposal can help take the emotion out of repricing, providing a consistent framework to ensure fees are fair and aligned with your services. It’s not about justifying individual tasks; it’s about demonstrating the overall value you bring to the table.

As Sarah Bedford, director at HMB Accountants puts it: “GoProposal takes the emotion out of pricing, it’s not about discussing the value of the particular task.” This approach allows you to have confident, constructive conversations about fees without straining your client relationships.

By repricing strategically, you’re not just increasing revenue – you’re building a stronger, more sustainable foundation for your firm’s future. If you’ve been avoiding those fee conversations, now’s the time to rethink your approach. Repricing isn’t just about numbers; it’s about recognising the true worth of your work and strengthening your client partnerships.