The Five Cs of Value

BY RONALD J. BAKER

Editor's note: This is a Web-exclusive exhibit for "Pricing on Purpose: How to Implement Value Pricing in Your Firm."

For a firm to price on purpose, it must understand the Five Cs of Value:

1. Comprehend value to clients.

2. Create value for clients.

3. Communicate the value you create.

4. Convince clients they must pay for value.

5. Capture value with strategic pricing based on value, not costs and efforts.

These five components determine the wealth-producing capacity of any firm, and will drive internal profits in the long run. 

 

SPONSORED REPORT

Time to prepare for overtime changes

As an employer, trusted business adviser, or HR professional, you will need to be aware of exemption guidance, record requirements, advice for clients, and typical problems in applying overtime pay.

QUIZ

News quiz: Good news on pay and benefits for accountants

CPAs can find much to like in recent reports, including news that their expertise and skills are in such demand that pay is expected to rise and that their employers value professional certifications.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.