The Four Types of Competition and 6 Ways to Make Your Firm Stand Out

First steps in developing a pricing strategy.Businessman drawing one arrow longer than others

By August J. Aquila
Price It Right

After demand, perhaps the next most important factor affecting a CPA firm's pricing policies is competition.

MORE: How Demand Affects Pricing | Understanding the Product Pricing Life Cycle | 4 Ways a Production Orientation Can Harm a Firm | Price to Get the Maximum Fee | 7 Issues in Partner Retirement Planning | 5 Ways to Keep Your Edge | The Toughest Job in the World: Managing an Accounting Practice | How to Become the Firm of Choice
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As clients and prospects become more educated about CPA firms in their market, more sophisticated about the services offered and more cost-conscious, pricing becomes more important and more firms are beginning to stress the price of their services, especially in competitive request-for-proposal situations. Intensive price competition in most professional service industries is now a way of life, from hotels to airlines, from car rentals to telecommunications and from law firms to CPA firms.

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August J. Aquila



About the Author

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August J. Aquila is an internationally known speaker, consultant and author and has held leading positions in the accounting profession for more than 25 years. He is CEO of AQUILA Global Advisors, a full-service consulting firm to accounting and other professional service firms in the US, Canada UK and India. August focuses his consulting on designing compensation plans, resolving organizational and partner issues, transition planning and developing strategic plans.

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Before starting AQUILA Global Advisors, he held several executive leadership positions with American Express Tax and Business Services, Inc. He was also a partner in a top-50 firm and regional marketing director for Coopers & Lybrand (now PWC) in Chicago. In 2003 he was elected into the Association for Accounting Marketing’s Hall of Fame and has been selected as one of the “Top 100 Most Influential People in The Accounting Profession” by Accounting Today for several years.

He is the author of hundreds of articles and several books on practice management; mergers and acquisitions and compensation plan designs. Recent books include The CA Firm of the Future (Bombay CA Society, 2013), Performance is Everything (AICPA 2012), Compensation as a Strategic Asset (AICPA 2007) and Client at the Core (John Wiley & Sons 2004). August is also a co-author, with Robert J. Lees and Derek Klyhn, of Leadership at its Strongest: What Successful Managing Partners Do (Bay Street Group LLC, 2013), the ground-breaking research on how managing partners drive improvements in their firm’s competitive and financial performance

 

Click here for more by August J. Aquila