EP421: Spotlight - Joe Woodard - Conquering The Pricing & Service Dilemma

“We are in a supply/demand economy that favours the suppliers. And it's economics 101, if you have a supply shortage that can’t meet all the demand of the market, then you increase price.” -Joe Woodard Compliance is one of the biggest realms of challenge for bookkeepers, but it also provides consistent opportunity. The rules and regulations change so frequently that it can be hard to keep up, and if we feel that way, just imagine how non-bookkeeping businesses feel about it. Supply and demand rule the market, and there is always going to be a supply of potential clients who would rather just pay someone to take care of the books for them. Despite this, we have to be careful not to fall into the trap of undercharging and over-promising.  Having hundreds of clients might feel like a success, but it probably doesn’t to the clients who barely get any of our time and, of course, if you're overworked for long enough, burnout will likely be in your future. Joe Woodard, acclaimed speaker and trainer, is this spotlight episode’s featured guest. He has spent his career helping businesses solve their complex operational needs and scale to new heights. In this episode, Joe and Louie Prosperi explore the importance of pricing, how to value your skills and experience and the role practice, planning and AI have in your business.  If you are taking on more and more clients but are starting to fall behind your promises, then this is the episode to get you focused on building connections and pricing based on your unique abilities, not just how many people you can get on board. During this interview, you'll learn... The value of having a solid plan & sticking to it How to value your skills & experience The importance of knowing your worth when it comes to pricing To find out more about Joe, click here. Connect with him on LinkedIn. To buy your tickets for the upcoming Scaling New Heights conference, check out this link. Time Stamps 01:30 - Getting to grips with compliance  04:35 - Making the best of engagement letters  06:55 - Staying on track  09:54 - Knowing your price  18:25 - Thinking long-term  24:40 - Valuation & profitability  29:58 - Practice, planning and AI