here’s what you’re looking for: jody padar

accept your inherent value and don’t compromise.

by jody padar
the radical cpa

as a professional in the industry, you may find some of what you do easy. just because you find it easy doesn’t mean it isn’t valuable and worth more than the time you put into it. if it were truly easy, your clients would be doing it themselves rather than paying you.

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undervaluing ourselves and what we bring to the table is a chronic problem plaguing accountants and cpas. why do i say this? because people pay more for the luxuries they value. let’s look at a comparison:
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insights on engagement, value, billing and more.

by jody padar
radical pricing – by the radical cpa

what’s your value proposition? if you increase your price, how will it enhance your services?

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changes of this magnitude come with lots of questions. from pricing models to client pushback to determining value, the following are answers to questions received related to pricing strategies for accounting and advisory services.
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right pricing for the right clients.

by jody padar
radical pricing – by the radical cpa

being client-centric means putting your client first. but holding on to the billable hour puts time before your client’s interests every day.

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to be truly client-centric, you must prioritize the needs of your clients and deliver the products and services they want. while the traditional firm focuses on the timesheet, a client-centric firm focuses on keeping the client happy because a happy client means happy profits.
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your clients will be happier … and so will your staff.

by jody padar
radical pricing – by the radical cpa

welcome to today.

value-based pricing and client-centric business models are no longer pie-in-the-sky concepts discussed in dark corners at accounting conventions. they have become accepted ways of doing business among a growing number of progressively minded firms.

more by jody padar
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perhaps you’ve already gone head to head with a firm pitching the value of their services rather than their hourly costs. perhaps you’ve grown concerned by rumblings among your staff for more pay and better work-life balance. perhaps you just want to ensure your firm is positioned for long-term growth.
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plus tips on how to set your strategy.

by jody padar
radical pricing – by the radical cpa

specialization means having expert-level knowledge in a niche practice area. when you specialize, your services and efforts are focused on your narrow field of expertise. this helps streamline standardization and productization.

more by jody padar
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as a result of specialization, it is easier to develop your advisory services because they all revolve around the same services and background. your conversations all take on similar qualities because the people, or the personas, you’re talking to are all in the same niche.

your specific expertise also puts you in a unique position to create kpis beneficial to both you and your clients. because you’re immersed in the industry, you’re always abreast of the hot topics and well versed in how events will impact your clients and their industry.
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let them do the selling for you.

by jody padar
radical pricing – by the radical cpa

we’ve talked about alignment and how it can lead to saying goodbye to clients who are misaligned with your new client-centric business model. the goal should be to replace every misaligned client with one (or more) who is aligned with your new pricing model. marketing is the most powerful tool in the accountant’s toolbox to make this happen.

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used properly and aggressively, marketing can help you build a pipeline of potential new prospects who fit your new business model. consider it your security blanket in the middle of changing times.
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five keys to success.

by jody padar
radical pricing – by the radical cpa

truly aligning your staff with your new business model may be the most important part of overhauling pricing and building a client-centric firm. this kind of systemic shift needs the full support, compliance and understanding of the entire firm. a change in pricing affects everyone’s job.

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here are the key components your team must understand and be aligned with:

1. understand fixed and value pricing. your team needs to understand how bundles are created and where services begin and end. they are the ones who will do the knowledge-based work, so they should follow the conversation around value and value identification. they need to understand the intricacies of each deliverable and the scope of standardized packages.

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don’t just think you’re doing great; quantify it.

by jody padar
radical pricing – by the radical cpa

you’re well on your way to having a client-centric firm with up-front and value pricing. the next step is to determine your key performance indicators (kpis) and verify if those indicators make sense for your new firm.

more by jody padar
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to set your new kpis, you need to think about what’s important to your firm, your employees and your clients. develop them around specific firm values.

as you move through this pricing evolution, you’ll start to see your firm as a for-profit company in the professional services space. your new kpis should look at your team through the eyes of people who work at the firm as well as those who will value your services.
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seven steps to transition your firm.

by jody padar
radical pricing – by the radical cpa

until this point, we’ve spent a lot of time talking about the advantages of building a client-centric practice on a foundation of value pricing. now it’s time for the rubber to hit the road. let’s talk about how you can painlessly move from a past filled with billable hours to a bright new future built on value by exploring your current client base.

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let’s start at the beginning: finding the right clients to embrace your new way business model. take a look at your current clients and bucket them into three categories:

1. those who love you and will follow you to the ends of the earth
2. those who’ve been with you for years and are reliable
3. those difficult, tech-challenged clients who are somewhat less than ideal

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plus how to automate getting paid.

by jody padar
radical pricing – by the radical cpa

a well-structured agreement can make or break an engagement. we see this happen every day.

were you a fan of the television show “two and a half men”? remember when charlie sheen was fired? he ended up suing for what he thought he was owed for the remainder of his contract. and, surprisingly, there was not a comprehensive agreement detailing the terms. no one likely thought sheen would end his run on the show in this manner and didn’t plan for it.

more by jody padar
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a similar scenario could happen to you, albeit with fewer global headlines i suppose. that’s why, once your client is ready to start working with you on a value basis, you’ll need to create a contract to finalize the deal.

there are two main agreements used by accountants today – the engagement letter and the service-level agreement. both are legally binding but look a bit different.
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