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The 4P framework is a helpful tool to work out how to grow your accounting practice.
4P Framework
Pricing, positioning, people and process – these are the 4 Ps that go into the 4P framework, developed by Reza Hooda, a popular coach for accountants.
In episode 370, Reza Hooda discussed pricing and repricing with you. In this episode let’s talk with Reza about taking action, how to actually do what you think needs to get done, let’s talk about core systems and branding and most importantly about Reza’s 4 pillar framework – the 4 Ps.
Here is what we learned but please listen in as Reza explains all this much better than we ever could.
To listen while you drive, walk or work, just access the episode through a free podcast app on your mobile phone.
4P Framework
The 4Ps framework – pricing, positioning, people and process – looks like too simple to mean anything, but when you look closer, it really helps to break your practice into its components and improve each of them.
Pricing
Pricing comes first. That is the first thing you should change since it will add fuel to the engine straight away and give you the funds you need to really get the positioning right.
Have a pricing framework. Set prices for certain service packages. Reza advises to provide three options so that clients don’t have to ponder Yes or No but rather which of the options they prefer.
Positioning
Go for a niche. If you try to appeal to everybody, you will appeal to nobody.
People
For people use the blueprint that Ed Chan of Chan & Naylor developed. Five grinders (one of them the production manager) and one minder manage an AUD1m turnover. And the finder (i.e. partner) sits at the top attracting new business for up to five teams, each managing a fee volume of AUD1m.
Process
Have software to support your core systems. The three main ones are:
1 – Email, document, and task management – in Australia a popular solution is FYI Docs or SuiteFiles,
2 – Quoting and pricing – in Australia a popular solution is Practice Ignition, but we prefer Quotient hands down.
3 – CRM – usually done via your accounting software
But these are just some very brief notes we took. Please listen to Reza since he shares a lot more helpful insights than we have listed here.
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Find a Niche and They Will Come
Disclaimer: Tax Talks does not provide financial or tax advice. All information on Tax Talks is of a general nature only and might no longer be up to date or correct. You should seek professional accredited tax and financial advice when considering whether the information is suitable to your or your client’s circumstances.
Last Updated on 14 December 2022
Tax Talks spoke to Reza Hooda - Mentor and Coach at Reza Hooda - for more details.
