By Ron Baker
RainToday.com Note: This is the second part of a two-part series by Ron Baker. In the first part, Baker explained why every firm should have a Chief Value Officer. Now in the second half, Baker explains cost- versus value-pricing and the great difference it can make for you and for your clients.
Value, Not Cost, Determines Price
No client buys hours, and hence accountants don't sell time. Yet two generations of accountants have been taught they do, and by forcing them to account for every six minutes of their day, they begin to internalize this attitude to the detriment of focusing on wealth creation for their clients.
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