- Hardcover: 368 pages
- Publisher: Wiley; 1 edition (December 28, 2010)
- Language: English
- ISBN-10: 0470584610
- ISBN-13: 978-0470584613
- Product Dimensions: 6 x 1.3 x 9.1 inches
- Shipping Weight: 1.2 pounds (View shipping rates and policies)
- Average Customer Review: 47 customer reviews
- Amazon Best Sellers Rank: #130,430 in Books (See Top 100 in Books)
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Implementing Value Pricing: A Radical Business Model for Professional Firms 1st Edition
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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 This method is outdated, suboptimal, and driving the best and brightest out of the professions.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.
Top customer reviews
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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. You are no longer a Professional Service Firm, selling services and time, you are now a Professional Knowledge Firm, creating "value" for your customers and giving them an upfront fixed price that they can count on and budget for.
In every transaction you have to consider three things: costs, price, and value delivered. No customer will ever care about your costs! Then consider that your customer is determined to get the lowest price for your services, while you are striving to get the highest price possible, so there is no common ground here. The only area where there is common ground is in value delivered. Both you and your customer are striving, in the same direction, to achieve the best value out of that transaction! If you desire to become a master at squeezing every ounce of value out of your engagements then it would be a serious mistake to forfeit learning what Ron Baker has to share in this book.
Your clients will be so filled with gratitude that they will not have any reason to look elsewhere because no one listens as well or solves their problems like you do, at a price that they are more than willing to pay!
Now, Ron is an accountant. This means you have to be able to think about what he is saying in your own context. He cannot give you your context, only his own. This doesn't make what he says any less useful in any professional service. The idea of value creation as a measure of company plus customer profit, and how to apply this concept to define price, is applicable to anyone who uses their brain to make money. And there are many ways to think of a fabrication company as a professional service provider, so no one is entirely excluded.
Another selling point for this book is that this is where the nuts-and-bolts of value pricing ended up after all revisions of The Professional's Guide to Value Pricing went out of print. So if you missed that one entirely, if you're new to Ron's work, or if you're a professional looking to radically rethink how you and your company create value, get this book.
Beyond that, tracking time is wasteful (highly against CI principals). It is inexact and therefore meaningless. As Ron shared with me, we already know our cost. Can't we be smart enough to build a business model that ensures a healthy profit. If we can't, we are in the wrong business. I've just started a new Outsourced Accounting Business. Our goal is to make our value proposition (at premium prices) so that our Customers see us as a necessity in their business and highly dependent on the value we bring to the table. I can assure you I will read this book at least 2 more times. It's like a great movie, you'll catch other insights the more you watch (read) it!
I cannot praise Ron enough for delivering to us in the "professions" a mantra of which to follow as we forge forward helping our Customers succeed!
Thank you again, Ron.
Most recent customer reviews
implimnetstion advice. A must read for anyone in our office. Well worth the college text book price tag.