Two stories for you that should make you think
Small Firm
One of the partners of a two partner firm told me that they had recently signed up a new client and the agreed fee was £3000 payable at £250 per month for the basics – accounts and tax.
The client had quibbled about the fee to the point where the partner had nearly walked away.
In fact the partner said that if the client had not agreed to the firm’s half day strategy workshop onboarding process they probably would have walked away.
The client loved the half day workshop and completely opened up to the partner and the outcome was clear plans for the client and their business with several projects for the firm as part of the implementation of the plans.
The fee for the workshop was £1500 and the bill was paid immediately. A new monthly fee has been agreed at £900 to include some of the project work.
Makes you think doesn’t it?
What do clients value?
Bigger Firm
One of the partners of a ten partner firm told me that they are actively seeking new clients where they are Advisory clients only – no compliance
Quote – “we are often billing these clients £30,000 plus per annum for meeting with them on a monthly basis and helping them identify what they really want to do with their business and then formulating plans to do exactly this”
There is a twist
The advisory relationship with these clients progresses to a point where the clients ask the firm to do everything for them including the compliance. BUT the pricing discussion for the compliance work is starting from a totally different position from the usual commodity based starting point.
Quote – “we are able to charge much more for the compliance work than we would normally because the client values our relationship and what we do”
Makes you think doesn’t it?
What do clients value?
If you want to know more about how you might be able to implement these advisory processes in your practice then contact us and tell us a little bit about your firm.
