The way I see it, you do not deliver value in every hour of intellectual knowledge work. Not because you’re dishonest or unethical. But because the value and IMPACT of intellectual knowledge work does not unfold in neat 60 minute increments. It unfolds in bursts, in front of your computer, in your car, … Continue reading How does hourly billing make sense?
Had some interesting conversations with business owners about pricing lessons learned from their tax returns. Of course, the first topic was the total amount of taxes due. Many companies made more money than they ever had before, which increased the total taxes due. Some made less money and although taxes were less, the owners weren’t … Continue reading Tax Return Reveals Pricing Lessons for You
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
Is this the quarter your firm is going to start phasing in IMPACT Based Pricing because you realize the difference it will make? As the end of Q1 draws near (seriously – how is it almost April already?), are you taking a close look at the systems and processes you have in place and assessing … Continue reading What Better Time than Now for IMPACT Based Pricing?
Eric’s story: “My client, a top notch consultant in the safety industry, struggled very month to use his financial statements as decision-making tools. He read the numbers, but they didn’t help him answer questions or solve problems. I was driving one day when I suddenly pictured with extreme clarity exactly how I could re-design his … Continue reading Thinking While Driving–How Do You Charge for That?
Timesheets will help you improve efficiency, they claim! Do you ever want to scream when you read people promoting one solution as the secret sauce to achieving every goal? I feel like that when I read how timesheets will transform your knowledge services firm into a paragon of efficiency. What’s the Problem? Experts who use … Continue reading Timesheets Create Efficiency–True or False?
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!
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