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

The Successful Bookkeeper Podcast