Your Brain on the Billable Hour
I was honored to be interviewed by Hartley Goldstone, Principal of Trustscape LLC, Research Fellow at Wise Counsel Research Associates, and Purposeful Planning Institute (PPI).
You can listen to the one hour and nine minute interview here.
Title: The Billable Hour: Damaging to Your Brain, Detrimental to Life Satisfaction, and Destructive to Client Trust?
Date: March 1, 2016
Guest Speakers: Ronald J. Baker, World-Renowned Value Pricing Expert and Founder of VeraSage Institute, and Stephanie West Allen, JD, PPI Dean of Neuroscience and Contemplative Practices
Description: Hartley Goldstone, Dean of the Trustscape, interviews world-renowned value pricing expert Ron Baker and Dean of Neuroscience and Reflective Practices Stephanie West Allen about the effects the billable hour has on our minds and brains, professional and personal lives, and client satisfaction. Baker also talks about an effective alternative to the billable hour which he has perfected over many years working with lawyers, accountants, and other knowledge professionals.
Important Points:
- Ron argues that the billable hour is a sub-optimal and outdated method that can damage relationships with your clients and be detrimental to establishing and maintaining trust with your clients.
- Furthermore, individuals that become accustomed to tracking their professional time, often out of habit, will begin unconsciously tracking their personal time and attributing an arbitrary value to it. This can have a very negative impact on our ability to be present in both our personal and professional relationships.
- The billable hour assumes that time has value, when in reality, time is a constraint. The real value is in the outcomes, the quality of our work, and the quality of the customer relationship.
- An alternative to the billable hour is to offer fixed pricing with multiple options for your clients to choose from. This allows your customers to self-select pricing and service levels that meet their needs.
- Declare your independence from the billable hour and read trailblazers’ stories online at https://www.verasage.com/
Reading Recommendations & Resources:
The Brain That Changes Itself: Stories of Personal Triumph from the Frontiers of Brain Science by Norman Doidge M.D. (Available on Amazon)
You Are Not Your Brain: The 4-Step Solution for Changing Bad Habits, Ending Unhealthy Thinking, and Taking Control of Your Life by Jeffrey M. Schwartz, Rebecca Gladding MD (Available on Amazon)
Two Blog Posts by Stephanie West Allen on the topic:
- https://westallen.typepad.com/idealawg/2008/01/slate-asks-if-l.html
- https://westallen.typepad.com/idealawg/2008/03/seen-any-fidget.html
Purposeful Quote: “At every crossway on the road that leads to the future each progressive spirit is opposed by a thousand men appointed to guard the past.” - Maurice Maeterlinck (1862—1949), Belgian Nobel Laureate in literature, 1911
Senior Program Manager at Zebrafi
8 年Nice article Ron. Have you heard of the Zebra Selling Methodolgy? Value Based Selling has been around for so long. Most organizations still miss a lot of the value they provide. After the sale they need to take the time to understand the value that was created. Then going forward you can build a business case predicated on the value created by solving those same issues. Articulating that value based message is good for both sides. During negotiation that business case is the justification for the price. It either holds water or it doesn't.
Business Valuations at westernba dot com
8 年being an accountant is not all about how you determine the fee you charge
Senior Account Manager- Central Region at Streetlogix
8 年Great read
Real Estate at Chuck Sebesta
8 年Great Read