A prospect told one of our clients why they don’t trust hourly billing. Listen in…. “Prospective client asks: How much will you charge for my project? Owner: It depends. Client: Depends on what? Owner: On how much work we need to do. The more hours, the higher the cost. Also, it depends on which associate … Continue reading Surprising Reasons Why Clients Don’t Trust Hourly Billing
You know your pricing strategy is working…because your company is taking in revenue every day. Would it be out of line to suggest…that your pricing strategy may be costing you money? Test your pricing strategy against these known costs. Does your pricing strategy: Delay receivables for 30 days or more after completion or delivery? Motivate … Continue reading Would Your Pricing Strategy Pass This Test?
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 … Continue reading Make Time to Sharpen Your Knives—uh, Business Processes!
Do a search for cost plus pricing and you’ll get 75 million hits. The vast majority of these will state that cost plus pricing is a terrible pricing model and to avoid it like the plague. These writers assume the worst about companies’ ability and interest in doing the hard work required to price effectively. … Continue reading What Critics Have Wrong about Cost Plus Pricing
You’ve come to realize that not all clients or prospective clients desire, need, or want the same value, so your firm offers three options: Good, Better, Best. (Or Platinum, Gold, Silver) What if Good, Better, Best shortchanges your clients—and your company’s bottom line? I started thinking about the harm of Good, Better, Best during a … Continue reading Good Better Best is Not Value Based Pricing
I read a post about how personality assessments create boxes around people. The test or assessment says “I am this or that”—and therefore I must conform to it. Whether months or years later, people continue to identify in whatever way the assessment told them to. The writer, Mark J. Silverman, made the point that any … Continue reading How Will You Break Out of Your Box?
I’ve been seeing a sudden increase is articles, blogs, and podcasts urging every business owner and associate to find their why. If you’re deeply focused on profit and revenue, does this make sense? Your “why” may get you out of bed every morning but it is unlikely to be the reason people become your customers … Continue reading It’s the WHAT Not the Why that Makes Money
Ed and Diane built and built and built their tax practice until they had more than 2500 tax return clients every year. Talking to them in late May, I learned they were exhausted and ready to get out of the business. Why were they exhausted and why did they want to sell their firm? Because … Continue reading Have You Inadvertently Created a Rock-Hard Revenue Ceiling?
If you’re not familiar with test and learn, you’re in good company. Most Owners of professional services firms aren’t acquainted with this smart concept that reduces the risk of implementing new ideas. Trivers Consulting Group has been implementing a version of it with clients for years, although only recently did we become familiar with the … Continue reading Are You Using Test and Learn to Spur Growth?
Ed W. dropped his jaw when his financial advisor told him how much money he’d need to ensure the retirement life he and his wife had imagined for the past twenty years. Then he brightened because he knew his accounting firm was solid. The sale of the firm would contribute the bulk of the money … Continue reading Is Your Professional Services Firm Viable or “Buy-able”?