Price is what you pay, value is what you get. (WARREN BUFFET QUOTING BENJAMIN GRAHAM IN THE BERKSHIRE HATHAWAY 2008 ANNUAL REPORT)
What is a cynic? A man who knows the price of everything and the value of nothing. (OSCAR WILDE, LADY WINDERMERE’S FAN, 1892)
The two quotes above are surprisingly relevant to PSF pricing. For reasons to be explored further in this chapter many professionals find it challenging, to say the least, to understand the value their work contributes to their clients. Just about everyone has by now understood that a ‘de Sade’ approach to billing, ie ‘bill till they scream’ (Tolman, 1989) won’t work. Clients may have a go at growling anyway – it might just get the bill down.