Episode from the podcastAccounting Influencers

Smarter Pricing Strategies for Accountants & CPAs

Released Thursday, 10th September 2020
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Tim Williams roams the globe in search of “next practices” in the world of professional services. As the founder of Ignition Consulting Group, he teaches leaders of professional services firms the principles and practices of effective positioning and pricing strategy. His assignments have taken him literally around the world, where he has worked with advertising agencies, law firms, accounting firms and business associations on every continent.
Tim is author of two books, the latest of which is “Positioning for Professionals: How Professional Service Firms Can Differentiate Their Way to Success.” He is serves as one of LinkedIn’s global influencers, where several hundred thousand followers regularly read his articles on positioning and pricing strategy. Shownotes:
  • Why law firms are to blame for the billable hour and charge out time sheets
  • Why getting pricing right is so critical for profitability in accounting firms
  • The four factors that improve margins in an accounting firm
  • The biggest reason professionals like accountants struggle with pricing
  • Why most professional firms don't actually have a revenue model but a cost structure, which is not the same
  • The ideal revenue model that represents the future of pricing for accounting firms
  • The difference between creativity in accounting and creativity in pricing accountancy services
  • Why the billable hour is a sub-optimal way of pricing for accountants
  • Why costing is a science but pricing is an art
  • The different pricing options available to accountants and the merits of each
  • The major problem with the term 'value pricing'
  • Evidence that the world is shifting towards a subscription economy
  • The main reason why an accountant should always offer a client options
  • How accountants have ceded power to buyers over the years by educating them wrongly on pricing
  • One of the worst things accounting firms do when it comes to pricing
  • Are you selling activities, efforts and inputs or outcomes, results and outputs?
  • What it means for your accounting firm if your prospects or clients are shopping or choosing you on price
  • An excellent metric to decide whether your accounting firm is pricing correctly
  • How accountants can change the dialogue around pricing with existing clients
  • Tips for pricing outcomes or results that are out of your control or influence
  • How your positioning in the marketplace affects your ability to price optimally
  • Shout out to pricing experts Ron Baker and Mark Wickersham
  • What accountants must consider to avoid becoming trapped on the 'hourly rate treadmill'
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Although Tim started his career on New York’s Madison Avenue, today he finds it much more rewarding living in the Rocky Mountains, where he spends his spare time in Utah’s red rock country hiking with his wife and two Airedales. Contact Tim here:
Website and blog
LinkedIn

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From The Podcast

The Accounting Influencers podcast is for progressive accounting firms and the people that lead them, work in them and serve them. In each weekly episode, BD Academy founder and top accounting growth specialist Rob Brown interviews world class accounting leaders and global influencers about what makes the good accounting firms great and the good accountants world class. Guests are either: 1. PRACTITIONERS: firm-wide leaders, managing partners, CEOs, seasoned rainmakers or top BD and marketing directors of larger accounting firms and the networks they are a part of. 2. THOUGHT LEADERS: accounting profession influencers, disrupters and thought leaders who advise, train, serve and speak into the accounting profession. Some are experts (commentators, authors, consultants). Others are in business (suppliers, vendors and partners to accounting firms). Guests are asked questions such as: ✓ What makes the good accounting firms great? ✓ What do the progressive, thriving accounting firms do well? ✓ How are the top accounting firms standing out, winning work and achieving growth? ✓ What are the trends, stats and critical issues shaping larger accounting firms? ✓ What makes a top performer, work winner or promotable accountant in an accounting firm? Topics discussed include growth, digital, legacy, value, leadership, succession, culture, BD, marketing, positioning, branding, differentiation, mindset, technology, recruitment, trends, disrupters and opportunities. Show details here: https://bdacademy.pro/podcasts/ BD Academy founder Rob Brown works with larger accounting firms and sales-oriented accountants to increase their work winning or BD capability. His unique BD Academy program is a year long curriculum of inhouse training and work winning strategies that creates an army of confident, effective and strategic work winners in large accounting firms. One top 40 accounting firm has just added £3m of new work from the BDA program (made up of advisory, compliance and cross-selling fees), which represents £20m+ in lifetime value to the firm. From their largely rural, agricultural and manufacturing client base, this represents a stellar impact on revenue. For more about the BD Academy, and to set up a Possibility Chat with Rob to explore whether this might be a fit for you or your firm, go to https://bdacademy.pro/about/ Finally, if you’d like to be a guest on the Accounting Influencers podcast, or there’s someone you feel we should feature, connect with host Rob Brown on LinkedIn or Twitter @therobbrown.

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Episode Details

Length
26m 56s
Explicit
No
Episode
119
Episode Type
Full

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