The SMP Committee released the article “How to Cope with Pressure to Lower Fees,” which offers seven tips for coping with fee pressure. 

1. Adopt New Approaches to Pricing
2. Stress to Clients the Value of Services Offered
3. Focus Efforts on Most Valuable Clients
4. Leverage Technology to Improve Processes and Lower Costs
5. Re-examine the Practice’s Service Offerings
6. Find Cheaper Sources of Supply
7. Tackle Overheads

What else can SMPs do to cope with fee pressure?

For more information on fee pressure, see Module 3 of the Guide to Practice Management for Small- and Medium-Sized Practices. 

Note: IFAC member organizations are invited to use the article in their journal(s), newsletter(s), website, and other forums and activities. For access and permission to use the article, email permissions@ifac.org.