My nephew and his wife love to make delicious and nutritious meals every evening. When they were both deep into writing dissertations, teaching students, and caring for their infant daughter, they still made daily meal prep a priority.
I noticed that they used one small paring knife for almost every task requiring a knife and asked why. They said they didn’t have time to shop for better knives. I shopped and sent them three beautiful knives and a kitchen knife sharpener.
After just a couple of meals they told me how much faster their cooking went. They wished they had made the time to improve their knives long before. “Now we have more fun prepping, and much more time to savor our meals.”
Why Am I Telling This Story?
Many business Owners and Executives know they need to sharpen their knives—their business processes—but they feel they don’t have the time to identify the needs, make the choices, and implement.
They’re making progress with their current dull knives, so they wonder, “Why mess with what’s getting the job done?”
Could This Be You?
“Making progress” means your company has revenue and the Profit and Loss statement shows a profit.
Why risk interrupting the progress to change business processes? Why take yourself out of your current duties on the chance that some new approaches will boost that profit?
Just as a cook can continue to produce meals with a dull knife, so can you continue to make profits with your existing processes.
But, just as the sharp knives speed up and make meal prep smoother, and leave time for the enjoyment of the meal, so could a new process make your company’s bottom line easier to achieve, and even grow larger.
What Processes?
You won’t be surprised to read here that my top recommendation is to change your pricing model or approach. That process, which directs HOW you determine the prices of your offerings, affects every nook and cranny of your business. So that’s where you start.
Your Sharpest Knife is Value Based Pricing
Value based pricing means that your firm delivers life changing value for a fee commensurate to that value.
- Value Based Pricing speeds up the value delivered, and clients love speed.
- You’ll be eager to deliver more value because you’re being appropriately compensated for the value delivered.
- A well-written engagement letter will specify the scope and the period of performance which guarantees revenue and profit.
- You never suffer lost revenue because of left over inventory
- You can adopt Value Based Pricing for one client at a time.
Value Based Pricing is your tool for delivering delicious and enjoyable “meals” to clients, time after time. They will be fulfilled and delighted, and you will have more time to enjoy the fruits of your labor.
Worth Exploring?
We at Trivers Consulting Group provide advice and implementation about pricing for knowledge services every single day. This is our specialty. We know that “making progress” feels comfortable. If you have decided to dip a toe, or dive in, to Value Based Pricing, get started with your Starter Call.
During Your Starter Call you’ll get a couple of steps to take right away to start the process of phasing Value Based Pricing. Hit Reply, or call or text 703-801-0345.
