It starts with building a model based on what your practice is doing now.

We’ve developed our own proprietary feemodeler.com.au tool for this purpose.

The end result is part diagnostic and part analytical, constructing a view of what is required to achieve profit targets in “your practice’s own words”, and achieving buy-in along the way from all participants (with a few ah-ha moments en route).
At the end of it, you have a fee model on one page, and the fun begins.

Next, the focus is on understanding two options for optimising your model.

We’ll explore how to build pricing confidence by understanding the psychology of pricing advice and how to present and position value.
We’ll also explore how to optimise your initial fee model by seeking to eliminate, simplify, delegate, outsource, automate, and standardize your operating procedures to bring you one step closer to launch.

The outcome is you find your own personal pricing sweet spot.

Now, it’s time to shine a light on your firm’s pricing potential to find your profit gap.

We delve into how understanding the ‘profit gap’ can aid firms during transitions such as client acquisitions or business sales.

We explore three core pricing concepts – profit gap, mechanism, and value-based pricing, and invite you to pinpoint your ROI using fee analysis and uplift tracking tools that will guide your transition.

By the end of Module 3, you’ll know exactly where your firm could be in 12 months.

Let’s talk about how we will track our efforts from here on.

We’ll talk about the crucial role of tracking in implementing and transitioning to new pricing models, emphasizing the importance of measuring the right metrics for business success.

The conversation also covers pitfalls to avoid when lacking proper tracking, introduces tools like Finsight for pipeline tracking, and provides insights on transitioning existing clients to new service packages.

By the end of it, you’ll have the insight needed to control so much more than just revenue.

So, you’ve built your new fee model and you’re ready to transition.

Given the opportunity this provides to change so many aspects of your business for the better, I can understand why you’d want to get into this fast.

However, in having undertaken numerous pricing transitions down the years, the most effective way to begin the implementation of your fee model is by perfecting it with new clients rather than existing ones.

Even when I recommend this, there are always some businesses that will just dive in anyway, and many make a success of it regardless.

If you take the time to launch first with new clients who have no previous experience with your business, fine-tune the approach first, you’ll find the path is not only easier but generally more successful.

When it comes to pricing, this is where the rubber hits the road.

Everything you’ve done to date – getting focused, building your model, understanding the psychology and launching it with new clients before anything else – has been so you arrive here clear, confident and practised.

This will show you not just “how” to plan and execute a full, 100% 12-month transition but also track progress and the profit gap your business has been giving away, robbing you of what is needed to grow more easily.

You’re now ready to move your entire client base across. It’s going to be awesome.