TCEP 236: Unlocking Hidden Value and Elevating Your A&E Firm’s Success

In this episode, we delve deep into the realm of business management and leadership for your architecture and engineering A&E; firm's success. Our guest is June Jewell, CPA, a distinguished business management authority and CEO of AEC Business Solutions. June is renowned for her best-selling book, "Find the Lost Dollars," and her latest publication, "RAISE Your Value," which outlines a 5-step approach to discovering untapped value, creating a winning competitive advantage, and raising fees. In this episode, June elaborates on these principles and enlightens us on their application in practice.

***You can view the video version of this episode here.***

Engineering Quotes:

Here Are Some of the Questions I Ask June:

Can you explain how your new book, "Raise Your Value," relates to the commoditization of A&E; services and why it's happening in the industry?

Can you explain the concept of commoditization and why it is occurring in the A&E; industry, as discussed in your new book "Raise Your Value"?

Why is strategic client selection important for firms, and what are some effective strategies for selecting the right clients?

What are some tips for uncovering hidden value within a firm, as discussed in your book, that can help listeners improve their approach to business?

Can you walk us through the 5 steps "Raise Your Value" formula outlined in your new book and explain how it can help firms increase their value and fees?

What are some strategies that firms can employ to avoid the trap of competing solely on price?

What trends do you see shaping the future of the A&E; industry and how can firms adapt to stay ahead of them?

What final advice or key takeaways would you offer to up-and-coming leaders in the industry who are seeking to enhance their firm's value and profitability?

Here Are Some Key Points Discussed in This Episode About Unlocking Hidden Value and Elevating Your A&E; Firm’s Success:

Commoditization in the A&E; industry occurs when clients cannot differentiate between firms offering the same services, leading them to prioritize price as the deciding factor, which many firms fall into the trap of accepting, ultimately neglecting to have the value conversation with the client and becoming the lowest-priced option in the market.

Commoditization occurs when clients are unable to differentiate a firm's value from that of their competitors, leading them to base their decision solely on price, which can lead to a race to the bottom, and the failure to have a value conversation with clients about what they are getting from working with the firm.

A common mistake that firms make is assuming that their best client is the one who gives them the most work, but the most profitable client may be different, and understanding who your best client truly is, can be crucial to achieving success.

What firms need to do to uncover hidden value is to focus on the results they deliver and connect the dots between why clients hire them and how they help achieve business goals, as well as identify ways they are saving clients' money and communicating it effectively.

The RAISE formula is a process for companies to increase their value and success. It involves rating clients based on ideal client criteria, assessing business operations and portfolio, investigating the firm's true value proposition, developing a winning advantage, strategizing a plan based on value, and executing that plan to attract better clients and differentiate themselves in the market. By focusing on value and differentiation, firms can achieve greater success and growth.

To stop competing on price, firms must shift their mindset to focus on working with clients who view their services as an investment in achieving their business goals and learn to communicate the rea...