VALUE BASED PRICING
There is great nobility in being paid what you are worth" Ron Baker, co founder VeraSage Institute and the world's foremost value pricing specialist for the professions.
Pricing has the greatest effect on your firms profit. Nothing else comes close-except perhaps having the right client selection. Reducing your fixed or variable expenses, increasing your turnover-all which might be good- will still not effect your profit as much as your pricing does.
For far too long the professions have believed they sell their time (in 6 minute increments) but your clients do not buy your time so you have to stop selling something your clients don't buy.
As a practicing lawyer I was well placed to experience first hand both the benefits but mainly the drawbacks of the professions pricing their services solely by reference to time. For over a decade now I have been main irritant to the professions in Australia urging firms to not only stop billing their services by time but also to burn their timesheets. I work with professional firms (and their clients) assisting them with both a mindset change, and the practical implementation of moving towards value based pricing to become Firms of the Future instead of firms of the past.