Summary
Expect to learn how to establish a guideline for pricing projects by analyzing previous files, identifying relevant factors, leveraging continuous learning, and involving team members to improve over time, ensuring fairness and progress in the pricing process.
3 Key Takeaways from this Video
- Learn from history: Analyze previous files to identify factors influencing project duration and client satisfaction, allowing you to establish a fair pricing guideline based on past experiences.
- Embrace continuous learning: Recognize that pricing is an ongoing learning process, where perfection may not be achieved immediately. Continuously improve and recalibrate your pricing strategies based on gained experience and feedback.
- Foster internal collaboration: Encourage collaboration within your team to gather diverse perspectives and insights, enhancing your understanding of client needs and driving ongoing improvement in pricing strategies.
Transcript
0:06 So we're getting started in AltFee on the very first type of project.
0:10 How do you build the guideline so that you get all the right factors in there to consider value based and input based.
0:18 The best thing to do is go back and look at previous files that are similar and pull them apart.
0:24 Look at all the different things that have happened and what seems to affect how long it takes and how the client feels and using simple examples like shareholders agreement, how many shareholders were there?
0:36 Was there any other advisors, was there an insurance advisor?
0:39 So you, you'll learn through history and through your previous experiences, what are the factors that you'll want to put in there?
0:48 And so one of the keys is getting started and getting those factors down there and creating amounts which seem fair.
0:56 Both from the client's perspective and from your input perspective based on those circumstances existing and then really take advantage of continuous learning.
1:07 Don't think that you're gonna necessarily get it right and think about everything the very first time, but get started, learn and recalibrate as you go along constantly and I think it's really helpful is internally, utilize the people around you, have conversations.
1:24 Everybody's gonna have different experiences and learn and throw it around for 15 minutes and say, you know, what are the sorts of things that you think are important from the client's point of view, from our point of view in doing this type of project.
1:38 I think if you do those things and you rely on history, you're going to be in a great starting point and you just remember that you're never finished.
1:46 You're constantly getting to the goal line, you're constantly improving.
1:50 It's going to be better in a month than it was today.
1:53 It's gonna be better in a year than it was in a month.