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Seven steps to setting your price.

By Jody Padar
Radical Pricing – By The Radical CPA

How much would you pay for a bottle of water in the checkout line of a grocery store? Maybe $2 or $3, right? You know it costs more per unit than buying a case of water, but at that moment it’s worth it even though it’s the same bottle of water. Now, let’s assume you just made the long trek back to your hotel room in Las Vegas. They have the same bottle of water sitting there for $10. You’re thirsty and don’t want to walk to find a store, so you pay $10 for that bottle conveniently located in your room. The water isn’t different, but the value at that moment in time is subjective.

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When we think about price, we really need to think about worth. What actually are you bringing to the table? Lots of training. Many years of experience. Vision into similar businesses. It took you years to get here; don’t sell an answer to a question the client asks for the three minutes it took to answer.
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Mechanics do it and so can you.

By Jody Padar
Radical Pricing – By The Radical CPA

Change orders are the result of a well-scoped process. They occur when a client adds a service not included in their original engagement or when a manager or partner requests a service be scoped and priced separately. The client decides whether or not to proceed with the change.

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The process of a change order is similar to taking your car to the mechanic for an oil change. During a diagnostic, they find you need a tire alignment as well. The alignment is not included in the services you bought, but you’re curious to know how much it would cost. Depending on the price, you’ll add it to the original quote, or you won’t.

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Don’t let a partner do this alone.

By Jody Padar
Radical Pricing – By The Radical CPA

Partners, managers and accounting professionals must all understand scope to deliver the right amount of work for the engagement.

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Everyone needs to be aligned. Everyone needs to know what the customer ordered, how to deliver it and where the work ends.

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The customer is not always right.

By Jody Padar
Radical Pricing – By The Radical CPA

There are few ways to sink an accounting firm faster than winning bad clients. They will rob your profitability, steal your sanity and cause havoc among your staff and other client relationships.

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Ask yourself these questions and be prepared to walk away if you don’t get the right answers:

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Maximize benefits for both you and the client.

By Jody Padar
Radical Pricing – By The Radical CPA

Accurate pricing relies heavily on thorough scoping to measure the engagement, and good scoping defines the deliverables, sets the client’s expectations and calculates the labor it will take to get the job done.

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With that said, here’s how your scoping process helps you determine the ultimate price:

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