Numbers don’t have intrinsic meaning. What would 10 mean to you if you didn’t understand the number 1? Numbers have meaning because you’ve learned context or relationships. When a kid first learns numbers, they just learn the names of the numbers. When they learn to count, they see various groupings of objects and the word … Continue reading Dread Falling Revenue? Uncover the Stories Behind It
Creatives, Knowledge-based Professionals, Specialists or SMEs–When your firm factors competitor’s prices into your prices, you’ve chosen the one thing that is guaranteed to kill your revenue. How? Your firm: Becomes a commodity without differentiation Is subject to every downward trend in pricing Needs more and more volume to increase revenue Three Pricing Points of View … Continue reading Do This One Thing and Kill Your Revenue
“How do we calculate the fee that’s commensurate with the value delivered?” That is THE question every services company asks when contemplating the value based pricing (VBP) model, and it continues even for firms who have adopted VBP already. Value Based Pricing is the only pricing model that compensates the provider for the life changing … Continue reading What’s the Value of an Intangible?
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?
Jay P., Founder and CEO of a CPA firm, look puzzled when I asked him how he was reducing threats to his company. This was in the context of a LADRSM assessment we’d undertaken. “Threats?” he asked. “We’re doing great. Revenue up year over year, clients happy, latest technology in place. I don’t think there … Continue reading How Are You Reducing Threats to Your Company?
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”?