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!
A solo practitioner posted the following on LinkedIn which inspired me to give these examples of life changing value. “When I inevitably pitch it (my services options) to clients, it’ll be much more value-focused. I’m just figuring out how I should present it? Do I force every tax client to have year-round support? Do I … Continue reading Ten Examples of Life Changing Value Your Firm Can Deliver
What should we charge? Value based pricing vs. time based pricing continues to be an issue as it has ever since the first knowledgeable expert decided to sell that knowledge. Business owners need ever more understanding and new approaches to price their knowledge for a profit. They need to write a new pricing story. Value … Continue reading How to Overcome Fears About Value Based Pricing
Your knowledge based services firm deserves a profit from every engagement. As the Owner or CEO, you have to be crystal clear in your mind and your heart that you deserve to earn a profit. Profits should not be optional, nor should you see profits as greedy or unseemly. Believe it or not, I hear … Continue reading Does Your Firm DESERVE a Profit? Yes It Does
The calendar turns to January and companies resolve to change/increase their fees or rate structure. After all, another year has gone by, its time, they think. What does this even mean? The calendar drives your pricing? That there’s something magical about the calendar year that creates a rationale for higher fees or prices? The … Continue reading Do You Resolve to Raise Your Fees in January?
The training company CEO challenged me: “We’re already doing everything we can for our clients. How can we make more money unless we raise our prices?” With a few careful questions I helped her arrive at her “aha” moment. The barrier, she realized, was the word “doing.” They were doing it all—by which she meant … Continue reading We’re Already Doing Everything! How Do We Make More Money?
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
Do you ever ask yourself “Are we leaving money on the table?” Many firms successfully cover their costs and make a profit. And yet—they wonder “are we leaving money and profit on the table?” The answer is too often “yes,” and the cause is their choice of pricing model. While a solid strategy, brand and … Continue reading Value Based Pricing Cold Feet? Warm Up This Way
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
“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?