 Set your prices at the right pointThis week we talk about pricing and I am going to give you a number of ideas about how to arrive at the best price and avoid leaving money on the table.
Nine times out of ten a dissatisfied client will cite “price” as being the reason for their dissatisfaction but this rarely turns out to be the case. Lack of communication is the number one reason for dissatisfied clients and frequently lack of communication on costs. So the first tip is to keep the client informed about progress and about costs – clients don’t like surprises any more than we do. So, how do you go about setting a price for a piece of work? Easy, you estimate the hours to do the work the client needs and then apply the charge rate (the one you set at the start of the year) and bingo you have a price. OK but no one ever pays full charge rate so you knock a bit off. Sound familiar? There are a number of drawbacks to this approach:
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 As 2013 got underway, headlines announced the death of the high street. HMV, Jessops, and Blockbusters followed Woolworths and Comet to an unglamorous end. Threats from out of town shopping centres, online shopping and the predominance of the supermarket big brands have all added to an extremely challenging trading environment. Retail vacancy rates stand at 10% and the government commissioned Mary Portas, Queen of Shops to produce a report on how to revitalise our city centres.
Why should lawyers care? Don’t you have enough of your own problems to worry about? |
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