One CPA tossed deliverables and doubled revenue in one year. Would double revenue make a difference to your firm? When professional and business services firms work on their pricing, they look at what the competition charges, their own history, their industry “best practices” and expenses. They enumerate their deliverables. Where’s the client in all of … Continue reading What’s the Difference Between Deliverables and Value Delivered?
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One and Done or Consistent Value Over Time?
Congratulations! Your firm has implemented Value Based Pricing starting with Step 1 COMMIT, through Step 2 PREPARE, Step 3 ESTABLISH, and Step 4 TRAIN. Your providers are delighting clients with high value for a fee commensurate with that value. Your internal systems are in place ensuring that engagement agreements and invoicing support Value Based Pricing. … Continue reading One and Done or Consistent Value Over Time?
I’ll Never Forget the First ‘Yes’
The call came one afternoon just after I had completed training to talk about Value Based Pricing, including responding to objections (Step 4). I declared we were ready to implement Value Based Pricing. We’d done the phase-in work: Commit, Prepare, Establish and Train. Now it was time for implementation. The Senior VP of Business Development … Continue reading I’ll Never Forget the First ‘Yes’
Are You Trapped By Certainty about Your Pricing Model?
Adopting Value Based Pricing, which is the only ethical pricing model for services firms, will lead to a complete makeover of the company’s systems and thought processes. It re-shapes everything you’ve been certain about. That’s a great benefit for growth-minded firms and their clients. Certainty can become a trap. Conditions change, and you must be … Continue reading Are You Trapped By Certainty about Your Pricing Model?
Every Accomplishment Begins with the Decision to Act
Once you’ve committed to implementing Value Based Pricing (see Step 1 COMMIT), it’s time to get started. Successfully implementing Value Based Pricing requires phasing it in. I never recommend trying to flip a switch. Step 2 PREPARE helps you begin the phase-in. No one succeeds without confidence and that only comes from intense preparation. The … Continue reading Every Accomplishment Begins with the Decision to Act
Are You Afraid to COMMIT to Value Based Pricing?
“How can we get our associates to embrace Value Based Pricing? Everyone is so used to living by the demands of their time sheets.” Three professional services firms’ owners and founders asked me this question last week. I hear you! Habits are hard to break and their impact goes deep. Value Based Pricing goes deep … Continue reading Are You Afraid to COMMIT to Value Based Pricing?
Is Company Profit Also Building Your Owner Wealth?
Do you see your firm’s profit goal a means to build owner wealth, as well as being an indicator of management effectiveness and a premium for the risk of being in business? Or is it a hunch? A dream or wishful thinking? Deeply subjective? Hunches are great for innovation and growth (I wrote the book … Continue reading Is Company Profit Also Building Your Owner Wealth?
Is Company Profit Delivering a Risk Premium to You As Owner?
Is 2021 the year you’re going to wear your investor hat rather than your owner hat? I hope it will be. You deserve so much more for all the risk you’re taking. Profit is the return on the investment risk the company owner(s) takes by being in business in the first place. Running a company … Continue reading Is Company Profit Delivering a Risk Premium to You As Owner?
What Does Profit Reveal About Management Effectiveness?
Profit tells you how the company is being managed. It is the definitive measure of a privately owned services or knowledge based company. Is this a “duh” statement? I don’t think so. It’s easy to get caught up in the day-to-day activities and lose sight of the fact that privately owned firms are the embodiment … Continue reading What Does Profit Reveal About Management Effectiveness?
What are You Doing to Increase Profit in 2021?
This year is devoted to PROFIT I am singularly focused this year on helping privately owned, expert knowledge-based companies make a profit from every engagement (sale) and increase their total annual profit. Why? 1) Profit tells you how the company is being managed. It is the definitive measure of a company. It is critical for … Continue reading What are You Doing to Increase Profit in 2021?