I had what I thought was a very low fee potential client meeting last week. The work involved preparing a simple tax return. About an hour's work at the most. The meeting was with retired husband and wife. The tax return to be prepared was for the wife.
I found the couple to be pleasant people. I listened to their needs and answered their questions. They had a letter from HMRC Compliance Unit that in my opinion was dealt well by them. Further, the Compliance Unit accepted their explanations and the wife ended up with minimum penalties.
When it came to the question of fees, I told them that I need to think about this and I will email them a quotation.
After they left, I thought further and concluded that I really do not want just tax return jobs. There is just not enough in it for me. I then said to myself, rather than telling them I am not interested I will quote them a high fee. I thought they would find someone else.
I was surprised to get a response back from them today saying that they would like to go ahead. The fee I had quoted was £400+VAT.
I do not know why I feel guilty now. This is business and I should not feel guilty. I quoted a fee and they accepted. That should be the end of matter. I keep thinking about this and why I am letting my emotions come in the way of business? I am tempted to reduce the fee but this just does make business sense.
At times like this, I question myself whether I made of the right stuff to be in business? You do not become a success by being nice.