You Want to Charge More? Then Offer More!

Since receiving my first allowance as a grade schooler, ($1 a week) I have been fairly frugal with my money. My friends and relatives liberally thrown around the word “cheap” to describe me, but I won’t argue semantics.

However, one of the luxuries I afford myself is a membership to an upscale health club. As a remote worker, it preserves my sanity and allows me unwind for at least 60 minutes each day.

But last year, the club was clandestinely acquired by a larger fitness chain, one with locations across the country and the changeover occurred in the middle of the night – literally.

And immediately thereafter it was not business as usual. The new owner’s first official act was to replace the wall of flat-screen TVs with, well, different flat screen TVs and the treadmills, with, yes, a different brand of treadmills.

Ditto for many of the exercise machines.

That was followed by installing golden tile splashguards above the locker room sinks and a reconfiguring the main floor to allow a resting area complete with a couch and end tables. My first inclination was to question why a gym required a resting area. I mean isn’t the reason to visit a gym to work out and NOT sit down and babble on a smartphone?

Stop me if you can guess what came next.

I received a notice in the mail that my membership dues would be increasing. The next day I marched into the manager’s office and told her that I was not about to pay more for same things that had previously – i.e. treadmills, TVs and machines. I told her that to justify an increase, the gym would have to offer something it didn’t previously.

With our voices rising in incremental octaves, I suggested she send out a member survey to take their temperature so to speak about the state of affairs under the new ownership. To my surprise she agreed and within a few days she did.

Which got me to thinking.

While rising fees are part and parcel of public accounting how often do you check your client’s pulses and elicit feedback on your services and in the process get a bit of constructive criticism? Maybe they want a service you don’t currently offer. Perhaps they need more face to face contact. With hundreds of low-cost online survey services available it’s probably wise to invest some money now and see what they’re thinking.

During my CPE presentations I always include a slide stating that fully one third of an accounting firm’s business clients are contemplating a switch. That usually sends a somber message to those who heretofore were not giving me their full attention.

At this point I should add that my gym lost hundreds of members who threw away the increase notice and opted for competitors offering the same services at a far more reasonable price tag. One in fact even validated parking for 3 hours.

Many years later I make more than $1 a week, but I’m still careful with my money.

I’m sure many of your clients feel the same way.

You just need to ask them now and not after the fact like my health club. Even if you validate parking.