Pricing Advisory Projects can be tricky, but the key is to unlock the VALUE derived by the client. Learn how to arrive at a sensible project price that works for your firm AND the client.
The absolute key to pricing Advisory Projects is to unlock the VALUE derived by the client.
Advisory projects can take many shapes and forms. Some might comprise a 'quick' 30-minute project while others can take months of repetitive work with no specific end-date. Sometimes the deliverables are fixed and well-defined but other times the scope of work can be vague. Resourcing can vary from one person doing all the work to a situation where multiple employees / contractors / vendors contribute.
It's not surprising, therefore, that pricing these projects can be tricky. Hourly rates, retainers, value pricing, project fees and incentive fees may be worth considering depending on the project.
In this webinar, we will examine methods of arriving at a sensible price for advisory projects, especially one that can be consistently followed by all members of your firm AND will be transparent and attractive to your clients.
1 activity • 1 videos • duration: 46m
Mark Ferris is an entrepreneur who has founded, built and exited businesses which sell services and solutions to corporate customers. His career has spanned Asia, North America and Australia where he is currently based. As a founder, director and investor in early stage technology businesses, he is especially passionate about enabling the rapid growth of businesses to the benefit of all stakeholders. Mark currently serves as Chairman and CEO of Panalitix, an organization which enables accountants to develop first-class advisory capabilities.
Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.
Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.
No comment
Some good thinking on strategic pricing of projects
I am not in the advisory business but this valuable knowledge to me and will help my new financial consulting business.
Good course to help shift thinking to value derived (by both parties), and to support in justification to close an opportunity.
