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so today I'd like to talk about value pricing now value pricing is a very complex subject and I can't cover it all in this quick video I mean entire books have been written on just this subject but for for this purpose I'd like to just talk about one aspect of it which is the basic definition which is the highest price that a consumer would be willing to pay for a good or service so value is just like beauty and it's in the eye of the beholder each one of your clients is going to perceive the value differently then the next client just as in with beauty and so when you start billing your clients and by the hour you're making a huge mistake you're potentially leaving a lot of money on the table and I didn't figure this out until later on in my practice and so it's the example of someone trying to buy a glass of water if the person's walked through the desert they're gonna pay you a lot more than if they live on a lake with fresh clean water it's it's a really simple concept so I had a one-on-one coaching client of mine just call me the other day he was ecstatic he's taking all of the account success formula strategies and he's implementing it into his accounting practice so he had one client a new client come in and he ended up pricing it ahead of time using the value pricing principles and strategies that I teach on selling the value price and he ended up getting over triple what he would have received if he had billed them by the hour I mean just from a conversation and making sure that he understood how much they valued it he was able to triple his his fees and the client was ecstatic because they saw the value in it they understood the value of it and that's the whole principle behind value pricing so number one value pricing it's the top price someone is willing to pay number two remember that value is like beauty it's in the eye the beholder and everyone's different and number three to make sure you capture that value properly stop billing by the hour stop agreeing you know agreeing to this billable hour model because you're treating everybody the same and you're leaving money on the table so I'm Erik Solbakken wherever you're watching this please scroll down and leave a comment thumbs up thumbs down I'd love to hear from you and if you haven't done so already please go to my website Erik Solbakken cpa comm and download my free insights paper the number one strategy to accelerating success in your accounting practice and that's all for now and stay tuned for more success insights to come