February 10, 2021

Episode 12: Luke Smith of Purpose – part 1

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The Story

How do you explain that a million pound turnover business can, should, and willingly, pay you £20,000 or more per annum for the work that you do with them?

On this podcast interview with Luke Smith of his firm Purpose (the first of 2), you'll hear Luke describe in detail what he says, what he does, how he says it and how he does it to earn the right to charge an average fee across all of of clients in excess of £20,000.

So why not join me on this HumaniseTheNumbers.online podcast and hear what Luke has to say about how he does a brilliant job of working with these clients and also demonstrates the value that his firm delivers to his clients.

I hope you enjoy the podcast.


The Solution:


"The minimum entry is quarterly management accounts and board meetings. Otherwise, we're not that interested. So minimum fees, probably around 10, 11 grand, something like that.

If you're a million quid business and I can find your 2%, we've got  you your money back - I've never not found 2%.

That's why the turnover has to be relatively high, because the margin of error, the sensitivity of that 2% . Most of the time you have a pricing conversation, which is 6% and with that you've done three years fees."

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