My JourneyOct 18, 2021
Back when I acquired my firm in 2008, things were pretty tough.
We were poor on our systems… we had no “ideal clients”… our pricing wasn’t great, and we had a high staff turnover.
Basically, we were a sinking ship.
And so I realized I had to do something about it – and fast.
I had to change something about my approach if I was serious about running a firm.
Otherwise, I might have to shut down one day and return back to my job (which would be a very painful thing to do).
So, I embarked on a journey learning from mentors both in the industry and outside the industry, as well as reading more widely on the realms of marketing and business in general.
And from all my ventures, I only saw the most results when I worked on my pricing.
Everything changed when I learnt about…
The Concept of Value-Based Pricing.
This simply refers to setting your price based on the value, solutions, and outcome of your service to your clients.
In other words, charging based on how valuable your services is to their bottom line.
Now here’s why this is important…
You see, your clients are not buying time from you, they are buying solutions – they want you to solve their problems.
And the sooner you realize this fact and change your approach, the sooner you’ll see your firm grow exponentially.
Most firm owners don’t use this approach because they don’t understand it or at least take the time to learn about it.
They prefer to stick to the old billing by the hour.
And I say, just because this is how things have been in the past doesn’t mean this is how it should be done.
We need to make that shift in our mindset first and then change our approach and the growth we desire will become a reality.
In this video, I shed more light on value-based pricing and why you need to implement it in your firm right away.