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PRICING, FEES & BILLING RATES

As Easy as Buying a Can of Paint

Productize your services for consistent client value.

By Jody Padar
Radical Pricing – By The Radical CPA

Now that you have hopefully standardized your services, it’s time to look at productization. Productization is the packaging of intangible services to make them feel tangible. You put everything you will do for a persona into an offering that resonates with them because it’s customized for them. It’s then clearly priced so the buyer knows what they get for their investment.

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This is just as useful for your clients as it is for your staff. Clients appreciate it because they know exactly what they’ll get and what to expect. Staff appreciate it because, unlike in traditional firms where there are at least four different ways to get to the same deliverable, this model has one pathway for each deliverable and service product, making it both efficient and traceable.

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PRICING, FEES & BILLING RATES

Don’t Lose Your Shirt Over Process

Standardize and tell your clients what you need.

By Jody Padar
Radical Pricing – By The Radical CPA

Why is McDonald’s easy to price and why is their product so consistent no matter where in the world you are? You know that if you get a Big Mac in Chicago or one in New York, it will taste and cost the same. This is because of standardization, and you shouldn’t underestimate the role digitized data plays in maintaining this consistency.

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Your firm can standardize and price just like McDonald’s does, if you have the right tech infrastructure, in addition to standards related to both clients and workflow.
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PRICING, FEES & BILLING RATES

Standardized Service Makes You More Profitable

Six steps to take.

By Jody Padar
Radical Pricing – By The Radical CPA

The accounting profession will never resemble an automotive production line, perhaps for no other reason than we don’t look good in steel-toed boots. We’ll never be widget producers and, from my viewpoint, that’s a good thing. However, our position among the professional class shouldn’t blind us to the benefits of standardizing many of our services.

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Anyone who has been an accountant for any length of time has certainly seen enough to eliminate the need to reinvent the wheel every time they start a new engagement. An entire firm has even more institutional knowledge to draw from. You can develop reliable and repeatable recipes for different services and deliverables by capturing this institutional knowledge. This is standardization, and it makes your service offerings more efficient, cheaper, consistent and predictable – all good business practices. You’ll be able to predict with better accuracy the time frames required for new projects, and you’ll be able to scope out exactly what will be required to bring the project to a successful conclusion. READ MORE →

PRICING, FEES & BILLING RATES

Automation Lets Staff Operate at Higher Levels

Four ways it pushes the paradigm shift.

By Jody Padar
Radical Pricing – By The Radical CPA

When you have three people in your firm, each doing things their own way, you won’t be able to standardize until you get them all on the same page. Technology makes it easy to do that.

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Technology is spurring innovation and driving automation – and that’s reshaping the future of accounting. Automation is simply using technology to complete tasks that are typically done by humans, and it will help you standardize by providing:
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PRICING, FEES & BILLING RATES

How to Call the Right Plays for Your Clients

Understand their goals and their weaknesses.

By Jody Padar
Radical Pricing – By The Radical CPA

It’s up to you to recognize the client persona most suited for your firm, but you’ll want to start by defining your customers’ needs. So, what do people really want, and how can you figure it out?

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Certainly, you can engage in expensive research, from questionnaires to focus groups. But, in reality, most of the clues you need will come from your knowledge of the people you work with within that group.
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PRICING, FEES & BILLING RATES

Define Client Personas for Pricing

Which ones are you most drawn to?

By Jody Padar
Radical Pricing – By The Radical CPA

One drawback of the hourly pricing model is its one-size-fits-all nature. Every client is charged the same rates per hour, with the only difference being the number of hours each uses.

But the world isn’t made up of identical people working in identical businesses and driving identical cars to and from their identical homes. Thank goodness!

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Clients are as different as you or me, but we can group them into buckets called personas based on shared values or traits. In a client-centric firm, it helps to understand these basic personas so you can more efficiently meet each client’s needs. You probably have a handful of personas in your firm right now. You just haven’t seen them as a grouping because, in your bill-by-the-hour model, it doesn’t matter who they are.

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PRICING, FEES & BILLING RATES

Value Pricing Impacts Your Employees: Here’s How

Put the focus where it belongs.

By Jody Padar
Radical Pricing – By The Radical CPA

Do you think any of your staff studied accounting in college so that they could punch a time clock for the rest of their life? They value being professionals as much as you do. More than likely, they enjoy being valued for their knowledge and experience.

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Given the choice between being valued for their time or valued for their professional accomplishments, which do you think they’d prefer? Valued employees are happy employees!

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MARKETING & SALES

Start Value Pricing with Six Steps

Who are you selling to?

By Jody Padar
Radical Pricing – By The Radical CPA

Can you remember doing business before cell phones or social media? You really don’t have to be too old to remember because change happens fast. In fact, if you are over 50, you probably remember when every home had a landline, firms advertised in the Yellow Pages, and accountants charged hourly for mundane compliance tasks.

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It really wasn’t that long ago when the internet was intriguing rather than indispensable.

At some point, change becomes inevitable, and I would argue that value pricing has reached this critical stage.

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PRICING, FEES & BILLING RATES

Hourly Billing Sells Firms Short

You have more to offer than time.

By Jody Padar
Radical Pricing – By The Radical CPA

Amazing things happen when you stop thinking about what you’re selling and focus on what clients are buying.

Many of the things clients don’t value are compliance-related like:

  • Tax returns
  • Payroll
  • Accounting services

MORE: Why Pricing Is So Disruptive | The Radical Pricing Model: Start with $25K | Three Critical Factors Drive the Value Pricing Trend | Accounting Disruptors Are Heading Your Way … with Deep Pockets | The Convergence of Trends Makes Pricing Changes Imperative | Stop Looking for Talent that Does Not Exist | Advisory Work Must Be Priced by Value, Not Hours
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But much of what they do value is less defined, though of higher value to their business lives:

  • Small business expertise
  • Management support and confidence
  • Any service requiring specific knowledge or experience

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PRICING, FEES & BILLING RATES

Price By What You’re Worth

Disruptive? We’re OK with that.

By Jody Padar
Radical Pricing  – By The Radical CPA

The familiar is always more comfortable than something new. Shifting your pricing model is bound to be disruptive because the billable hour is what we know and have always known. It is the default billing model of every new firm. It’s comfortable, familiar, embedded in our DNA and seems like the easiest billing solution.

Certainly, there are some pros to billing by the hour. Profits remain relatively stable. If you work 40 hours, you know you’re going to bill and hopefully be paid for those 40 hours. There’s a clarity and certainty to it. But there are only so many hours in a week. By embracing the billable hour, you’re putting a profit ceiling on your firm.

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