Here's a shocker for you. How do you increase cash in a business?
Raise prices.
Wow, earth-shattering.
Wouldn't it be nice if that was it? Game over, close the book and go to work. Rich gave me all of the information I need, so now I can sleep at night. Unfortunately, it's not that easy. For some of you, raising prices is one of those concepts you just can't fathom. Right now, you're having a hard enough time as it is telling prospects what you charge. You know for a fact your competition is charging less than you and you're confident your client knows it. Many of you have a difficult time seeing yourself as more valuable than the rate you currently charge.
I get it. I've worked with countless attorneys just like you who couldn't imagine charging a single penny more than they've been charging for years.
Here's the problem: if you don't charge the right amount, you're not going to be able to accomplish everything else I teach you. The math simply won't work. So, be sure to get your pricing right.
Action steps:
- Shop your competition. What are they charging?
- Compare apples to apples. What services are included in your fees? In their fees?
- Determine your conversion rate. Not what you think, but what really is by the numbers.
This blog entry contains excerpts from my new book Discover the Acres of Diamonds in Your Law Firm. Visit www.LawFirmDiamonds.com to get your copy.
