Posted by sueharke on 7/31/13 10:58am
Msg #478710

Interesting article on fee reduction

This article was posted related to accountants, but it has the same points that may help notaries.

http://www.marketingprofs.com/articles/2013/11263/reducing-your-rates-how-low-should-you-go

Reply by NVLSlady/VA on 7/31/13 11:09am
Msg #478711

and the "resentment" factor! That is so true. Getting "swamped with low paid work" (quoted from one of the commenters in another article I posted) affects the attention you should be giving to better paying clients.

If we remember nothing else, we should consider the last paragraph in this article:

Often, many small businesses fail because they are just too nice; they focus on trying to please the customer more than trying to EARN A PROFIT. Just remember: Every time you reduce your rate, you are essentially giving your time away FREE.

So think long and hard about whether you feel the client deserves your charity.
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Thanks, Sue for the wake-up call

Reply by sueharke on 7/31/13 2:57pm
Msg #478769

Thank you for agreeing with me on this subject.

Reply by NVLSlady/VA on 7/31/13 4:36pm
Msg #478788

What goes around comes around

Sue, I'm all for a reasonable approach (as someone once said, "even the flattest pancake has TWO sides").

The article you referenced was in my opinion well-balanced; the bullet point What goes around . . .
makes sense, and so does the article's comment:

Running a small business is not all about the money; it's also about building relationships and a strong reputation.
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I think we can all agree that this article makes good business sense: Yes, we need to increase our fees, build stronger relationships (market), decrease our overhead, and work to remain competitive too. And when all else fails, just say NO!

Reply by ikando on 7/31/13 11:17am
Msg #478716

See my post under Michelle's VALUE post below. These go hand-in-hand from opposite perspectives.