Episode 122

Negotiating & Pricing Strategies for Accountants & CPAs

Published on: 1st October, 2020

Malcolm Smith has a background in science and marketing which gives him unique insights into how businesses negotiate, transact and develop. Today he employs this considerable expertise through a portfolio of non-executive directorships and owned businesses.

He is a keynote lecturer on Leadership, Project Management, Negotiation, Influencing and Consultative Selling at London Business School, Cass Business School, Oxford University SAID Business School and Cambridge University Judge Business School. Shownotes:

  • How accountancy compares to other sectors in commoditising its offering, and what is driving that move
  • The main reason accountants charge by the hour and why they shouldn't
  • How even the revered doctors and general medical practitioners have become commoditised through availability of knowledge
  • Why accounting compliance has become less valued in the eyes of clients
  • The major downside for accountants of becoming commoditised and undifferentiated
  • How advanced tech like AI can allow you to be profitable as a commodity in accounting
  • The dangers of 'proximity bias' that causes accountants to undervalue their skills
  • Tips for accounting firms to expand their core offerings into advising and consulting services
  • An example of what 'proactive brilliance' looks like for an accountant
  • The best way to find out what your 'value-adds' are as an accounting firm
  • The benefits of asking your clients why they choose you and building your accounting firm's proposition around the answers
  • The three value disciplines in a professional firm that allow you to charge premium fees
  • The biggest cost in running an accounting firm, and why your fees need to reflect that
  • The big mistake poor negotiators make when handling fee conversations with their accounting clients or prospects
  • Why non-F2F negotiation is more difficult than being in the same room as people
  • The biggest issue for accountants when negotiating on video platforms like zoom
  • The importance of the 'opening position' for accountants when negotiating deals and setting fees
  • The dangers of using 'round numbers' when setting and negotiating your accounting or consulting fees
  • Negotiation tips for accounting firms, especially in a virtual, non-F2F world
  • The problem many accountants make in giving away unilateral concessions in negotiations
  • How accounting professionals can get much better and more confident in handling common sales objections
  • Why accountants should always quote money rather than hours for a particular job or service
  • The importance for accountants to never invoice the negotiated amount.

Malcolm Smith on the Accounting Influencers podcast with BD Academy founder Rob Brown

Malcolm was Speaker of the Year for Vistage International in 2007, 2011 and 2015 and has won the Outperformer Award every year since 2004. He scored the last goal ever at Eastville Stadium, Bristol UK) before it became an IKEA store. Contact him here:

Website and blog

LinkedIn

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About the Podcast

Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.
Accounting Voices, hosted by Rob Brown, helps decision makers and leaders in accounting and finance stay relevant, visible and vocal in a profession being reshaped by technology, private equity, regulation and shifting client expectations. Each episode interprets the trends disrupting accounting and finance such as AI, automation, M&A, talent and the move to advisory and translates them into practical insight that strengthens authority and influence.
Accounting Voices is also a platform for the wider ecosystem of networks, associations, educators, consultants, software vendors and technology experts who serve accountants and finance professionals worldwide. It extends into regular Accounting Voices networking sessions that connect this audience and amplify ideas that move the profession forward. With its international reach and long shelf life the show delivers credibility and commercial value for listeners and sponsors alike. Search for "Accounting Voices" on YouTube for all episodes and connect with Rob Brown on LinkedIn to find out more: https://www.linkedin.com/in/therobbrown

About your host

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Rob Brown

ob Brown is the creator and host of the Accounting Voices Network, a media platform that includes the flagship solo podcast Accounting Voices and the panel shows Accounting M&A and Accounting Tech. He chairs conferences, panels and virtual events worldwide and is recognised as a leading advocate for the accounting profession.

He is an accomplished speaker and authority on trust, reputation, employer brand, talent, succession, executive presence and the forces shaping the future of accounting. Rob is the author of the bestselling book Build Your Reputation (Wiley) and his TEDx talk The Personal Brand of You has been viewed more than 400,000 times.

A former co-founder of the Accounting Influencers Roundtable, Rob now focuses on amplifying the voices of leaders, firms, networks, vendors and influencers across the global accounting ecosystem.

Outside of work he is a stroke survivor, lives with epilepsy, holds a black belt in kickboxing and is based in Nottingham, UK. He plays chess and backgammon, loves orange chocolate and is allergic to grapefruit.