Keep your Pricing Policy relevant – Is your Rate Card up-to-date? Do you review it each year? Twice a year? When new staff come onboard? And do you know how your rates compare to industry benchmark rate ranges? How do you value, price, and protect your Intellectual Property (IP).
As far as Kathryn is concerned, along with a budget to supports your business vision, the Pricing Policy and resulting Rate Card is the next most essential ingredient for any successful agency. This service entails:
- Assessing staff productivity levels and measuring them against benchmark expectations.
- Extrapolating your annual budget to provide an hourly cost rate for each employee, factoring in productivity, anticipated new staff and non-billable team members.
- Reviewing premium levels of service, expertise and industry benchmarks.
- Establishing a commercial model for your ideas – Intellectual Property, concept valuation, and protection strategy.
- Arming you with confidence that your rates are justified, knowledge in regards to where they stand in comparison to your competitors, and a routine for ongoing reviews and updates.
Ultimately, the purpose of your Rate Card is to imbue you with the confidence to know that every hour your team works, they are delivering profit. And your Rate Card makes it easy for your clients to understand your fees, rationalise them and see the pricing alternatives which you provide.
Engage Kathryn to review your Rate Card and Pricing Policies – an essential annual program which ensures that your business is harnessing best practice tactics to maximize the bottom line.