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Implementing Value Pricing: A Radical Business Model for Professional Firms Hardcover – December 28, 2010

33 customer reviews
ISBN-13: 978-0470584613 ISBN-10: 0470584610 Edition: 1st

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Implementing Value Pricing: A Radical Business Model for Professional Firms + The Firm of the Future: A Guide for Accountants, Lawyers, and Other Professional Services + Pricing on Purpose: Creating and Capturing Value
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Editorial Reviews

From the Inside Flap

An overwhelming majority of pro-fessional firms price their services by the flawed hourly billing method. This method is outdated, suboptimal, and driving the best and brightest out of the professions. While lawyers, accountants, and consultants serve noble callings, the predominant method of pricing for their services is not worthy of them. There is a better way.

Implementing Value Pricing demonstrates a superior model to price for professional services: selling intellectual capital with pricing based on the results and value it creates, not the cost or time it took to formulate.

Written by veteran speaker, writer, and educator Ronald Baker, this book declares the customer as the sole and ultimate arbiter of value. It proposes a business model change from "We sell time" to "We sell intellectual capital," exploring the requirements, hurdles, challenges, and opportunities that enlightened firms transitioning to this new business model will face.

Driven by theory and the actual experiences of many firms, Implementing Value Pricing features seven appendixes available for download on the companion website containing checklists, strategies, sample forms, and case studies, and discusses:

  • Business model innovation

  • The latest research on the history of the billable hour and timesheets

  • The foundations of creating value

  • An eight-step model to assist firms to implement value pricing

  • Two frameworks for scoping complex engagements

  • What, specifically, replaces hourly billing and timesheets

  • Seven appendixes available for download on the companion website—containing checklists, strategies, sample forms, and case studies

With case studies from firms that have profitably implemented these specific ideas, Implementing Value Pricing is a practical guide for how and why to implement a business model change, create more value, and unlock the tremendous competitive power hidden in the intellectual capital of every professional firm.

About the Author

RONALD J. BAKER is the author of Professional's Guide to Value Pricing, Sixth Edition; The Firm of the Future; Pricing on Purpose; Measure What Matters to Customers; and Mind Over Matter. He is founder of VeraSage Institute, the leading think tank dedicated to teaching value pricing to professionals around the world.

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Product Details

  • Hardcover: 368 pages
  • Publisher: Wiley; 1 edition (December 28, 2010)
  • Language: English
  • ISBN-10: 0470584610
  • ISBN-13: 978-0470584613
  • Product Dimensions: 6.3 x 1.4 x 9.3 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (33 customer reviews)
  • Amazon Best Sellers Rank: #116,282 in Books (See Top 100 in Books)

More About the Author

Ronald J. Baker started his career in 1984 with KPMG's Private Business Advisory Services in San Francisco. Today, he is the founder of VeraSage Institute, a think tank dedicated to educating professionals around the world, and to burying the billable hour and timesheets in professional knowledge firms.

As a frequent speaker, writer, and educator, his work takes him around the world. He has been an instructor with the California CPA Education Foundation since 1995 and has authored fifteen courses for them.

He is the author of six books, including: Professional's Guide to Value Pricing; The Firm of the Future: A Guide for Accountants, Lawyers, and Other Professional Services, co-authored with Paul Dunn; Pricing on Purpose: Creating and Capturing Value; Measure What Matters to Customers: Using Key Predictive Indicators; and Mind Over Matter: Why Intellectual Capital is the Chief Source of Wealth; and, Implementing Value Pricing: A Radical Business Model for Professional Firms.

Ron has toured the world, spreading his value-pricing message to over 100,000 professionals. He has been appointed to the American Institute of Certified Public Accountant's Group of One Hundred, a think tank of leaders to address the future of the profession, named on Accounting Today's 2001, 2002, 2003, 2004, 2005, 2006, and 2007 Top 100 Most Influential People in the profession, and received the 2003 Award for Instructor Excellence from the California CPA Education Foundation.

He graduated in 1984, from San Francisco State University, with a Bachelor of Science in accounting and a minor in economics. He is a graduate of Disney University and Cato University, and is a member of the Professional Pricing Society. He presently resides in Petaluma, California.

To contact Ron Baker:

VeraSage Institute
E-mail: Ron@verasage.com
Website/Blog: www.verasage.com
Twitter @ronaldbaker
Facebook: http://www.facebook.com/pages/Implementing-Value-Pricing/160643393979925

Customer Reviews

Most Helpful Customer Reviews

16 of 16 people found the following review helpful By Robert R. Dunford on April 5, 2011
Format: Hardcover
This book has been a very great help in the process of upgrading my my consulting practice. Baker presents the idea that professional advisers should have in mind that we are (or should be) giving our clients (which he calls customers) a crowbar with which to open a treasure chest. If so, ten times the price would still be a bargain.

We should not offer our services at a cheaper price merely because, for example, we may have lower fixed overhead. Value drives price, not cost. If we have significant intellectual capital (as defined by Baker), offering it at a lower price devalues it and sacrifices a significant amount of profit.

We should focus on the totality of our services our firm provides the customer or client and consider bundling them together into a fixed price agreement, not an hourly rate agreement. The billable hour becomes the floor, not the ceiling.

Baker outlines methods of qualifying the right customers/clients, the sins of hourly billing and ways to eliminate them, how to understand the value we offer that customers seek, key predictive indicators for knowledge workers, and eight steps to implementing value pricing.

In his section on developing and pricing offerings, the author identifies several elements, any or all of which a firm's Value Council (explained in the text) may want to make part of a fixed price agreement, over and above the hourly rate, which is never mentioned:
1. Fixed Price. (A guarantee that the customer/client will not be surprised by an invoice; that all work will be authorized in advance, so that the client will be able to budget his or her professional spend with certainty.)
2. Change Orders.
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13 of 13 people found the following review helpful By Amazon Customer on February 18, 2011
Format: Hardcover Verified Purchase
This is the third book by Ron Baker that I have read. I am a lawyer, and I have found all of his books to be invaluable to my practice. The latest book, Implementing Value Pricing, goes will beyond the theory (which I find fascinating), and provides lots of hands-on, practical advice. I am not a big believer in business or self-help books, but Baker's books have really made a dramatic impact on my practice. Buy it, read it, implement it. You will be very happy that you did.
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8 of 8 people found the following review helpful By Steve Givens on January 12, 2011
Format: Hardcover Verified Purchase
Implementing Value Pricing should be required reading for all accountants. The book does a great job of blending theory, strategy, and implementation. I found the section on Value Identification to be especially useful and of great benefit to my firm and customers. I give this book my highest recommendation! Steve Givens, Managing Partner - Ryun, Givens & Co., PLC
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5 of 5 people found the following review helpful By J. Todd on May 27, 2013
Format: Hardcover Verified Purchase
I am a veteran CPA, have owned my own CPA firm since 2001. This book resonated with me on so many levels. While reading it, I kept wondering how to bring out or add more value to compliance services (which most customers view as a necessary evil). I eventually figured it out, it basically all boils down to providing top rate customer service, really connecting and listening to the customer's needs. Since reading this book I have been enthusiastically proposing on services at value priced rates that I would never have dreamed possible. Customers are very receptive to the proposals so far. Thank you Ron Baker for writing this comprehensive and practical guide to the ins and outs of value pricing. I found this book to be an excellent investment and highly recommend it to anyone in a professional services industry.
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5 of 5 people found the following review helpful By Toby Jenkins on December 11, 2011
Format: Hardcover
I started this book to have a look at pricing, and ended up with a completely new view of business.

It's an absolute game changer for a professional services firm (I'm co-founder of a web strategy consultancy). Since reading it, I've put Ron's ideas into action and was immediately able to increase the price on a piece of work by 100%, while delivering one of the best value projects we've ever delivered.

Just be ready because it will challenge the premise of why you are in business and how you conduct your business.

Value pricing is a challenging concept so the 8 step implementation process at the end of the book is great. It breaks down the process giving you something to apply immediately.

If you're sick of selling time and hate time sheets, read this.

I can't recommend it highly enough.
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3 of 3 people found the following review helpful By Cari on May 31, 2013
Format: Hardcover Verified Purchase
Ron Baker does a wonderful job of explaining value pricing for service professionals. Need that extra push, need specific instructions, well look no further.

This book changed my practice and my life after 18 years of timesheets and hourly billing.
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2 of 2 people found the following review helpful By Michael Wall on January 14, 2013
Format: Hardcover
I read Implementing Value Pricing by Ron Baker in early 2012 and appreciated this fresh approach to pricing and customer service. I have been value pricing for almost one year and have not only seen my practice become more profitable, my customers appreciate the new levels of service that they had not been receiving before.

If you're looking for ideas on how to change your practice into one that is not only more profitable, but enjoyable, definately pick up IVP.
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1 of 1 people found the following review helpful By Francis Layton on March 8, 2015
Format: Hardcover Verified Purchase
My introduction to Ron Baker was through a four-part webinar series, of the same title, sponsored by Intuit Inc. It was not your typical webinar in the sense that Ron went way beyond any normal expectation in staying and answering the participants questions after the normal end. He was very gracious and detailed in all of his explanations and I suspect that his giving mentality is carried over into all of his consulting and business encounters. This is exactly what you will receive when reading this book. Actually, I didn't just read this book... I thought my way through all 335 pages and probably marked up almost every page! Ron gives you the "why," the theory, behind all the "how to" which allows the reader to build their own foundation in restructuring their own business model. We are talking about going from the model where you are selling time to a model where you are giving the client the freedom to placing a value on the outcome of what they will receive from you. This is radical... and it will allow the opportunity to make greater profits than anything that is time based. In fact, your old billable hour becomes the "floor" and not the "ceiling" on any of your new engagements.

If you are serious about making an impact in the businesses and lives of your clients then the antiquated "billable-hour" and the "time-sheets" have to go out of your thinking! If any of you hesitated or had to re-read this last sentence then get this book and convince yourself that this radically different approach to doing business is something that you should have done a long time ago.
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