the radical cpa

the three stacks you need to consider.

by jody padar
radical pricing – by the radical cpa

true story. i once knew the cfo at a local mental health nonprofit agency. she had been manager of the accounting department at a large manufacturer but now considered herself semi-retired. she had recently moved into a new condominium and was overwhelmed by the renovation needs.

more by jody padar
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she was competent but had a lot going on. as a result, she wasn’t paying attention as the nonprofit agency began to experience cash flow problems. the management team resolved to start booking more psychiatric services because they could bill medicaid the most for those types of services. sure enough, the organization’s gross sales increased substantially. unfortunately, no one had paid attention to the cost of delivering these services.
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three steps to setting your monthly fee.

by jody padar
radical pricing – by the radical cpa

packages are the first step toward productizing your services. your packages define your services as discrete offerings with defined parameters around what they include and what’s excluded.

more: seven steps to determining your price | using change orders with scope | when to increase scope and when to let it go | which clients should you scope? | getting aligned on scope helps your team and your clients | five areas to ground new metrics other than time | digitize clients for standardization | are you the key signal caller for your clients? | six steps to start value pricing | the radical pricing model: start with $25k | the convergence of trends makes pricing changes imperative
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the secret sauce to creating a fixed price package with a value add consists of combining several variables:

deliverables + client persona = well-priced packages

client-specific price point + market price point = well-priced packages

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not everyone is ready for a new you.

by jody padar
radical pricing – by the radical cpa

a friend who owned a business services firm in the marketing industry once told me he would rather face waterboarding than resign a hard-won client. however, even he cast a big one aside after his key employee returned from a client meeting in tears. some things just can’t be tolerated. your job is to determine where the line should be and to make the decision before a bad client has the chance to negatively affect your company.

more: seven steps to determining your price | using change orders with scope | who needs to understand scope? | how to scope before you price | when to increase scope and when to let it go | determining a price … and when to change it | seventeen questions to ask when scoping | which clients should you scope? | perfecting the client needs assessment | four steps to scoping for alignment … and the #1 rule to remember | getting aligned on scope helps your team and your clients | create more meaningful kpis | here’s how profit sharing improves your firm
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a client’s fit with your firm is every bit as important as their behavior and payment practices. after you adopt a new client-centric, value-based business model, some clients won’t fit in. some will want to stick with the transactional model of the billable hour. they may not be comfortable with your new direction. some clients may not even want to pay for your smallest service bundle despite the enhanced service levels it includes.
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plus four things to learn about each prospective client.

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.

more: using change orders with scope | who needs to understand scope? | determining a price … and when to change it | perfecting the client needs assessment | create more meaningful kpis | five reasons to ditch timesheets for good | six steps to creating a standardized practice | value pricing requires defining your clients | stop selling time | three critical factors drive the value pricing trend | stop looking for talent that does not exist
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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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