Episode 122

Negotiating & Pricing Strategies for Accountants & CPAs

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

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Accounting Voices
Accounting Voices is a senior conversation platform for accounting firm leaders navigating AI, private equity, consolidation, talent pressure and relevance.

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About your host

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Rob Brown

Rob Brown is the founder and host of the Accounting Voices Podcast, the flagship solo show of the Accounting Voices Network. Each episode offers sharp analysis and commentary on the trends, ideas and people shaping the global accounting profession.

Through this Accounting Voices Podcast, Rob helps accounting firm leaders, decision makers and professionals stay relevant and make sense of disruption in areas like AI, automation, M&A, private equity and soft skills beyond the tech. His perspective blends clarity, insight and curiosity, making complex issues relevant and practical for professionals and decision makers across accounting and finance.

He also leads two monthly panel shows, Accounting M&A and Accounting AI, which bring together senior voices to explore consolidation, strategy and the impact of technology on firms and people.

Rob is the author of the bestselling book Build Your Reputation (Wiley) and a TEDx speaker whose talk The Personal Brand of You has more than 400,000 views. Over his career he has hosted and moderated more than 1,000 conversations with accounting and fintech leaders worldwide.

Based in Nottingham UK, Rob is a stroke survivor living with epilepsy, a black belt in kickboxing, a decent chess player and an average player of four musical instruments.