PRA2412. Transforming the CPA Firm Business Model? Pricing Differently is an Ideal First Step

The drivers for exploring a business-model shift are many: buyers viewing us as a commodity vendor; emerging competitors from outside public accounting; fewer entrants to the profession and difficulty retaining the talent we have; limitations of the partnership model, and burnout, to name just a few. Whatever _your_ reasons for change, where should you start? Michelle illustrates why altering your revenue model is the most impactful business model element (out of nine) for beginning the bigger shift that changing times call for. Four generations of CPAs relied on the "hours X rates" fee model, shaping the profession's culture around hours. Regrettably, we even went to market touting “we sell time” as our value proposition—a flawed approach that never resonated with buyers, and is now backfiring as technology speeds our work. It's more obvious than ever that our worth isn't related to our time spent. And we're all experiencing ways the hourly billing model limits our capacity, earnings, and even our career satisfaction. Uncoupling time from price is a massive mindset change, but doing so frees you to more creatively address the remaining eight business model elements! Come explore how to confidently move forward!

Learning Objectives:

• Recognize how instituting a new pricing model is a driver for setting your broader business-model change in motion.
• Identify alternate approaches to pricing that capture the firm's true value and align with client success.
• Identify five ways to de-commoditize the firm, position for greater worth, and command better prices.
• Identify 10 specific actions to begin transforming the firm and “price differently.”