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EFFECTIVE

PRICING

CHECKLIST

CREATED BY MARK WICKERSHAM

(THINGS TO REMEMBER

WHEN PRICING YOUR

ACCOUNTANCY SERVICES)

(2)

This resource is an extract from my

Effective Pricing for

Accountants

programme.

You should use this checklist as a structured process for

optimizing the way you price every service so you maximise

profits and add value to your clients.

And as a special bonus for reading this resource I would like

to invite you to

one of my upcoming Proactivity seminars

at a

massive discount off the usual £200 ticket price.

This highly acclaimed one-day seminar will reveal how you can

improve your pricing, service levels, profits and cashflow easily

and quickly by becoming more proactive. These events are

hosted by both myself and Steve Pipe FCA.

About the author

Mark Wickersham – chartered accountant, public speaker and

#1 best-selling author – is passionate

about the accounting profession and

helping accountants to become much more

profitable.

As Chief Executive of AVN he leads the

team that developed over a thousand tools

and systems as part of the System Builder

software suite for accountants, including

many to help practitioners grow their fees,

profits and capital value.

In May 2011 his book, ’Effective Pricing

for Accountants’, was a number 1 Amazon

bestseller. He has also co-authored ‘Your

Blueprint for a Better Tax Practice’ and ‘Your

Blueprint for a Better Accountancy Practice’,

both of which have been widely acclaimed.

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Is a menu of options appropriate? If not skip to part 2

Brainstorm the content, i.e. the scope of the service Decide how you will describe each option

Will you offer unlimited access/support?

Describe the benefits of each option (see part 3) Decide how many options you will offer

Add value with more benefits (see part 8)

Decide on the content of each option (see part 2)

Determine the price of each bundle (see part 5)

Part 1: Menu pricing strategy

Menu pricing is one of the most powerful pricing strategies for pricing accounting

services. So this should always be the first consideration. Here are just some of

the considerations.

Part 2: The content of your service

You need to think how you can add more value and differentiate what you do

from other accountants.

1 7 3 9 5 2 8 4 6

What are the benefits? (for example: more profit, less tax, reduced costs, more cash, less stress, less risk, increased wealth.

Part 3: Communicating your benefits

This is where communication skills and an understanding of behavioural

economics comes in. You need to use techniques for communicating the benefits

so your clients fully understand how you help them.

10

State your ‘No surprises fixed fee policy’, e.g. “So in the spirit of our ‘No Surprises’ fixed fee policy I thought I would drop you a line now to tell you exactly what your investment in our services will be.”

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Linking phrases: Use linking phrases to turn every feature into a benefit

Set out your unique selling points

Describe the benefit of your additional added value items 12

14 13

Use bold, italics and underlining to highlight key benefits to the reader. And use sub headings that make the reader want to read on

15

When should payment be made?  • In advance

 • On completion

 • Spread over the period of the benefit  • Deferred until the benefit is realised

What options will you give for making the payment?  • Cash  • Cheque  • Credit card  • Finance • Standing order • Direct debit

Part 4: Payment terms

Remember to make your payment terms very clear and set expectations right up

front.

16

17

What method of pricing will you use?  • Contingent pricing  • Percentage pricing  • Retrospective pricing • Retainer  • Unit pricing • Fixed pricing

• Time-based (not recommended!) 18

Part 5: Setting the price

Once you have created your service and explained the benefits you need to

decide on a method of pricing which best reflects the value.

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State the price early if a written proposal

Describe the price as ‘small’

Consider the ‘price benefit sandwich’

Describe the price as an ‘investment’

Part 6: Describe the price

There are many techniques for making your price seem small and to keep the

clients’ focus on the value. Here are just some of the many techniques you can

use.

Part 7: Power strategies

There are many power strategies – for example, the use of effective guarantees – which can make it much easier for clients to buy from you and at much higher prices. Many of these are advanced pricing strategies and beyond the scope of this resource. Nevertheless here are some things you certainly should consider:

19

21 20

22

Get the clients agreement: Consider getting the clients signature when agreeing the terms of the engagement

How are you going to test? What measurement systems will you put in place to measure success?

23

26

Can you change the price to reflect the choice to include optional extras?

Diarise your annual price review How will you promote this service? 24

27 25

Part 8: 13 ideas for adding massive value

Your focus should always be on adding as much value as possible to your clients. Accounting firms that offer more value to their clients are the ones who consistently make the most profit, and get the best client feedback because they are changing peoples’ lives.

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show you dozens of ways to add massive value and differentiate your accounting firm from all the other ordinary firms.

Graphs and charts

Tax planning review Ratio analysis

Diagnostic review report Six key growth drivers review

Personal balance sheet Benchmarking report

Remuneration planning Breakeven analysis

Report on their financial systems Pricing analysis 1 7 3 9 5 11 2 8 4 10 6

Unlimited access to your team… this means that you can call on us at any time knowing that you will never be charged for our time or advice

12

Making doing business with you fun 13

Remember, this resource is an extract from my

Effective Pricing

for Accountants

programme. The full master pricing checklist

contains 87 steps and powerful strategies plus 50 supplementary

ideas for adding value:

www.EffectivePricingForAccountants.co.uk

.

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EFFECTIVE PRICING CHECKLIST

CREATED BY MARK WICKERSHAM

[email protected]

0844 414 3192

www.avnchangingthenumbers.co.uk

the avn team

Copyright ©2014 Mark Wickersham

References

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