EP517: Teresa Slack - The Road To A Million-Dollar Bookkeeping Business - Part 2

"We can do hard things even though you're afraid, even though you don't know if it's going to work. You have to try. You have to do different things and you will fail. And that's part of the growth. Part of the learning is to not be afraid to take that leap." –Teresa Slack In part two of this four-part series, Teresa Slack, co-founder of Financly Bookkeeping Solutions, shares the breaking point that forced her and her sister to reset their firm. With the business no longer working, they made hard calls that led to Financly 2.0, including letting staff go, rebuilding client trust, and investing money they didn't have into systems, coaching, and pricing education. In this episode, you'll learn:

• How poor hiring & hourly pay created bigger losses as the firm grew
• The difference between fixed pricing & true value pricing
• How investing in systems &coaching changed how they viewed their value

To learn more about Teresa, click here and email her at teresa.slack@teresaslack.ca.

Connect with her on LinkedIn. Learn more about Pure Bookkeeping. Subscribe to the Value Pricing Academy YouTube channel. Join VIP list for free training from Mark Wickersham here. Get your free copy of How to Price Bookkeeping eBook (the tool she used to turn her business around). Click this link to join the VPA on Skool platform free training and support. Time Stamps

01:19 – Hitting the breaking point & questioning whether to continue 01:43 – Deciding to rebuild the firm from the ground up 02:23 – Investing in systems & support with no margin for error 02:44 – Letting staff go & repairing client relationships 03:56 – Realizing pricing was a major problem 04:52 – Discovering value pricing for the first time 05:13 – Rolling out fixed packages & why it made things worse 06:11 – Paying staff more than clients were paying the firm 06:57 – Committing to hard changes & doing things differently 07:40 – Investing in pricing education despite fear 08:14 – Learning to believe in the value of bookkeeping work 09:35 – Having pricing conversations without panic 11:18 – Why systems & hiring processes became the turning point 15:04 – What's coming next in part three

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