Why Small Business Benefit From Value-Based Pricing
Accounting and law firms still use hourly-based billing for the simple reason, “It’s always been done this way, so that’s why we do it.” The cycle is hard to break, especially for smaller accounting and law firms just following the lead of larger firms that use this type of pricing model. As technology continues to change, it is making hourly billing less attractive to professional service providers and clients.
Value-based pricing puts the focus on the customer. The strategy determines prices based on how much value a particular customer is likely to assign to a product or service. Unfortunately, the most common pricing strategies and methodologies forget about the customer.
CEO Advice for Entrepreneurs
“Focus on another bottom line that is not just profitability. Whatever you’re working on has to have an essence beyond financial motive.”
– Syed Gilani, CEO, SAFR
Syed is a seasoned business leader with extensive experience in North American, Asian, Middle Eastern and European markets. He has started and led many successful ventures over more than two decades of his journey in the business world.
Pro Tip of The Month
Will the Election Outcome Impact Your Business?
Election fatigue is real, and although we are feeling it too, it is important to understand how a potential change in office could impact your business. Staying up-to-date and prepared is the best thing small business owners can do to protect their business given the uncertain market and business landscape.
2020 Is Almost Over, Talk to a CPA
If suggested end-of-year strategies are a little different this year, it’s because the year itself was different. 2020 has been a year of uncertainty. Contact us before year end to evaluate your tax planning options as 2021 looms on the horizon.