THE DEFINITIVE GUIDE TO IMPLEMENTING
VALUE-BASED
PRICING
IN YOUR ACCOUNTING PRACTICE SO YOU CAN ATTRACT AND RETAIN HIGHER PAYING CLIENTS
The latest book from bestselling author and trusted
cash flow, advisory, and pricing expert, Rhondalynn Korolak.
Play Video
Rhondalynn will reveal why value pricing has been talked about for decades but so few accountants have implemented it. She will explain the rookie mistake that 90% of you have made trying to implement it properly and what you need to do in order to execute it masterfully. She will show you how to place your emphasis and focus on what is of value to your client and how to deliver that value—so that both of you are happy and you reap the benefits of a stronger, more meaningful work collaboration.
Why Read This Book?
What Purpose Does it Serve To Help You Grow a More Effective,
Successful, and Valuable Accounting Practice?
6 REASONS TO READ THIS BOOK
REASON#1
Clients Hate Being Charged by the Hour
Figure 0.2 from Pricing Value
REASON#2
The Pressure to Compete Based on Price is Increasing
The Good, The Bad and the Ugly, a report published in 2017 & 2018, shows that accountants are now delivering greater value for the same (and in some cases lower) revenue. Cloud-based accounting software and apps have streamlined compliance and your clients are wise to it.
They are no longer content to pay the same amount as last year and you are under ever-increasing pressure to discount or match the prices of your competitors for your undifferentiated services.
REASON#3
Your Clients Don’t Know Why They Should Choose You
REASON#4
Proposal Apps Don’t Create Value for You or Your Practice
A number of pricing and proposal software packages have recently appeared—with a few even claiming to help you “value price” your services. Now often these can help you to fix and increase the price you charge for compliance. However, they can only help you to set a price (or range of prices) that is likely to cover your costs and provide a better margin. Unfortunately, increased margins won’t necessarily boost your cash flow, increase value in the eyes of your clients, or make your practice more successful/valuable.
REASON#5
You’re Still Hanging on To Timesheets and Cost Accounting
Timesheets exist purely to manage efficiency, but efficiency is no longer a relevant metric under this new model of pricing. You are now in the relationship business: It is possible to be efficient with things, but the goal is now to be effective with your clients. You can have the most efficient practice in the world but that does not mean your clients will value what you do or that your firm will be worth more than the firm down the street.
REASON#6
You’ve Tried Value Pricing Before and It Didn’t Work
Pricing Value is a methodology built on strong foundations – neuroscience, psychology and systems. Without a strong foundation, you will essentially be trying to build your practice on the shifting sands.
In order to Price Value proficiently, you must first comprehend the context and foundational skills behind all of the strategies, science, systems, and recommendations. You cannot Price Value with the mindset, perspective, approach, and systems that got you to where you are now.
What are the 6 Steps?
1 > What is Value?
The natural inclination for most of you will be to dedicate 90% of your time and attention on the semantics of pricing. After all, you are an accountant, so it seems logical to focus on the price because the price is expressed as a number, and you are very good with numbers.
Unfortunately, this preoccupation with pricing semantics has caused you to waste time on factors that only matter to you and the esoteric exercise of determining “the price you need to get” in order to earn a decent living.
The most important word in the phrase Pricing Value is of course “value”. And value, while determined by your client, must be masterfully uncovered and drawn out by you, the practitioner. One of the reasons why it is so vital to completely turn the concept of value pricing inside out (or back to front) is because of the imperative for you to focus the bulk of your time, energy and resources on the fundamental driver—VALUE. And to do that, we must first place the word value where it rightfully deserves to be positioned, as the focal point and key ingredient of the phrase.
2 > Leverage
Clients come to you for a number of reasons—because they need help with bookkeeping, they need a tax return or set of year end accounts completed, or they have questions about payroll and sales tax obligations. But as you’ve discovered, your clients are often very price sensitive and they don’t value these compliance tasks highly.
In order to captivate the attention of and compel your clients to react positively to your value-based offers and communications, you must first learn to do one thing—get leverage on your clients. Mastering leverage makes it possible to Price Value quickly and effectively—because it simplifies your message, reduces the amount of time it takes your clients to decide, and ensures what you say is of value to them. And it will work no matter which medium or channel you choose to communicate it in.
3 > The 6Cs
The 6 Cs are:
Control Your Fear – Learning to move beyond your own fears, low self-worth, and stinking thinking
Comprehend Value – identifying and quantifying the pain points and desired transformations keeping your client up at night
Create Value – delivering the solution and managing your client’s perception of value
Capture Value – the art of capturing a larger portion of the value that you create for your clients
Communicate Value – the three 3 factors you must nail if you want to communicate value masterfully
Convince – leading your client to your solution without ever having to “convince” them or resort to hard sell tactics
4 > Psychology of Value & Perception
Value is an elusive and often misunderstood concept because value is comprised of both tangible and intangible components. In order to maximize the value that you are able to create in the mind of your client, you must deliver the solution to their pain points and manage their perception of value.
Perception is a bit tricky because it may include a whole host of elements that are largely imperceptible and difficult to nail down. It’s no easy task.
Thankfully, there are some proven, easy-to-implement strategies based on neuroscience and behavioral psychology that can help you navigate the subtle (and not so subtle) elements of creating, delivering, and communicating more value to your clients.
5 > Compliance v. Advisory
It is fairly easy to quote a fixed price on compliance to ensure you earn more than you did with an hourly rate, but it is much more difficult to Price Value. To Price Value on a compliance task, you need to work much harder to niche down and establish the Economic Value. The only way that you can create value and price it in the context of compliance, is if you can provide solutions to the stuff that is keeping them up at night and uncover Economic Value above and beyond the time and materials that go into creating the solution.
Together we will explore why you need to stop thinking of compliance and advisory as separate aspects of your practice. You are no longer in the business of pumping out compliance services, with the odd interesting advisory project. If you start thinking about and viewing your practice as a holistic, one-stop business improvement shop, you will find it much easier to create solutions that your clients value highly.
6 > How to Implement
You cannot learn to swim by simply reading a book about swimming. The same principle holds true for Pricing Value.
To help you apply and implement what you have learned, you will be presented with case studies in each chapter, questions to ponder, step-by-step instructions or checklists, and some space to jot down your notes, observations, insights, and to-do lists.
Pricing Value is also accompanied by a DIY workbook and an education/mentoring program facilitated online via a Learning Management system.
Principal
Who is Behind the Movement
to Price Value?
Introducing Best-Selling Author & Leading Cash Flow,
Advisory & Pricing Value Expert, RHONDALYNN KOROLAK.
In early 2018, Rhondalynn coined the term “Pricing Value” to describe the methodology and system that enables you to get to the heart of what really matters to your clients most… and then price it!
It’s a proven, step-by-step system that focuses you on the maximum value your client is willing to pay based on the Economic Value you provide to the pain points, feelings, and desired transformations keeping him/her up at night. It takes the emphasis away from you and the semantics of pricing, and forces you to uncover and quantify the pain points, feelings and desired transformations that will cause price to become a non-issue, thus leaving your proposed solution as the only sane option.
Rhondalynn has distilled the secrets to business success – that she learned from a 25+ year career in senior management roles with Price Waterhouse Coopers, Max Factor, Village Cinemas, and Coles Group Ltd. – and produced a simple step-by-step process that you can apply to your practice to boost your sales, bottom line, and cash flow by attracting and retaining a higher calibre of clientele.
Rhondalynn can help you put strategies in place to grow your practice and ensure that your clients would never think of going elsewhere. She is the leading expert on cash flow, advisory, and Pricing Value for accountants.
Rhondalynn is the best-selling author of On The Shoulders of Giants, Financial Foreplay, and Sales Seduction. She has appeared on CNN, Bnet/CBS, Channel 7, Channel 9, Skynews, Kochie’s Business Builders and 3AW, and she writes for Yahoo, Intuit, Firm of the Future, MYOB, Accountex, Insightful Accountant, Accounting Daily, Public Accountant magazine, AccountingWEB, Dynamic Business, Business Spectator and Australian Retailer.
Praise for Pricing Value
Lord Chesterfield advised, “A man had better overvalue than undervalue himself. …Whatever real merit you have, other people will discover; and people always magnify their own discoveries, as they lessen those of others.” In Pricing Value, Rhondalynn Korolak beautifully expands on this sage advice. Effective and profitable pricing can only materialize by understanding your customer’s desired state of the future, and that begins with scope of value, not scope of work. Pricing Value lays out the strategies you need to transform your firm’s business model, and create a better future for your customers, employees, and you.
|| —Ronald J. Baker, Radio-Show Host, The Soul of Enterprise: Business in the Knowledge Economy, author of the best-selling Implementing Value Pricing: A Radical Business Model for Professional Firms, www.thesoulofenterprise.com, and Chief Value Officer, Armanino LLP
Rhondalynn has written a must-read book in the value pricing (sorry, pricing value) movement. Practical examples abound and they punctuate the quick reading prose. Undoubtedly, this book will help more professionals and firms abandon the dying framework of the billable hour and timesheets. Welcome to the new era – Pricing Value!
|| —Ed Kless, Radio-Show Host, The Soul of Enterprise: Business in the Knowledge Economy, Senior Director Sage Accountants Solutions, Senior Fellow VeraSage Institute
Rhondalynn has done an incredible job re-framing the value pricing discussion in her latest book “Pricing Value.” Redefining the role of value makes a ton of sense and opens the door for very productive conversations with customers and prospects. Having used value pricing for over 25 years, I found myself to be little more than a novice and walked away with lots of nuggets. Although the book is written primarily for accountants, it is equally valuable for all services organizations. I will definitely use and recommend this book.
|| —Dr. Reginald Thomas Lee PhD, Executive advisor | Author Strategic Cost Transformation & Lies, Damned Lies, & Cost Accounting,Management Professor Xavier University—Williams College of Business, President of Business Dynamics Research, Senior Fellow VeraSage Institute
Pricing Value is a comprehensive encyclopedia of well thought out pricing theories, case studies, and practical tips/tricks for any 21st century accountant that is seriously interested in providing value to their clients and capturing some of that value for themselves. Fail to read this at your peril.
|| —John Chisholm B.Juris LLB., Adjunct Professor La Trobe University Law School, Senior Fellow VeraSage Institute
For pricing enthusiasts, nothing matches a strong theoretical framework that is easy to put into practice. For me “Pricing Value” is exactly that and the 150 pages are rich in detail and with many relevant real-life cases… making the time from reading it to getting the prices you deserve, as short as possible.
|| —Claus Thorn Madsen MBA, Partner, Implement Consulting Group, Copenhagen, Denmark
At first I thought I had to re PRICE my clients but I now know I really need to re VALUE my clients… that is I needed to stop thinking about the figure attached to the service I provide but rather start asking and displaying to my client how valuable my services are…. but value is not measured in dollars but rather whatever the client tells me they value… The first step was to recognise my own value, what am I good at, why do my current clients like me, what clients have I already provided a better outcome for...This process gave me a bit of ammunition on myself to have the confidence to open up the conversation
|| —Pauline Haydon, Paper Maid Solutions, Orange NSW
The information and insights have radically changed my business direction and increased my billings by 30% for this financial year. Rhondalynn's no nonsense and logical teachings will empower you to stop procrastinating and start kicking your business goals
|| Amanda Hoffman, Accountant and bookkeeper, Mt. Gravatt QLD (TWN)
Discover the art of Pricing what
Your Clients Value Most
Pricing Value is the best and most effective method you can use to uncover and quantify the pain points, feelings, desired transformations, and perceptions that will cause price to become a non-issue in the eyes of your clients. Learn how to deflect the spotlight away from price, avoid “sticker shock”, and steer clear of the constant threat of price objections.
Accounts
Storage
Autographed Hard cover
$69+GST
Australian Dollars
Postage included
$200 credit for Implementing Pricing Value education & mentoring program
Copyright © Businest Pty Ltd.