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Small and Medium Practices Committee

IFAC's Small and Medium Practices (SMP) Committee works to raise the profile and build the capacity of SMPs globally, representing their interests to standard setters and regulators and developing tools and resources to promote their continued success.

 

The SMP eNews is the committee newsletter that includes resources and guidance, news, and information to help support SMPs.  

 

SPOTLIGHT ON

Value Pricing: Interview with Ron Baker
Coping with Fee Pressure
 

Ron Baker is known for his quest to “bury the billable hour and trash the timesheet.” Along with six best-selling books, he founded VeraSage Institute, dedicated to helping professional firms become “free and independent from the tyranny of time.”  Andreas Noodt, member of the IFAC SMP Committee recently caught up with Ron for an interview.

This article is the first of a series of articles on value pricing; future articles will look at the “how to” of value pricing.

This article offers seven tips for SMPs in coping with pressure to lower fees for non-audit services: 

  1. Adopt New Approaches to Pricing
  2. Stress to Clients the Value of Services Offered
  3. Focus Efforts on Most Valuable Clients
  4. Leverage Technology to Improve Processes and Lower Costs
  5. Re-examine the Practice’s Service Offerings
  6. Find Cheaper Sources of Supply
  7. Tackle Overheads
 

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RESOURCES AND TOOLS

Access free resources from IFAC, member organizations, and others in three areas: