Are you really worth that big consulting fee?
Sweet Polly Purebred, "Underdog" cartoon series
“They” say you get what you pay for, but I’ve been disappointed a lot in the last couple of years when I’ve contracted out for “professional” services. Have you been burned, too? Are you one of those big “consultants” who charges a high fee and then doesn’t really deliver?
I just completed what was for me a new project for my portfolio. Since it was new to me, I charged less than half what I might have normally. Now there’s the school of thought that says you should price high or equitably, but I needed the peace of mind going in that I wasn’t overcharging if I failed to do a good job.
The good news is, the client is thrilled (and I believe him), and is going to recommend me to others in his field. I also feel great. I’m one of those people who couldn’t bill on retainer because I felt gypped if I went over the expected time and deliverables, and incredibly guilty if I went under.
Now that I have this experience on my belt, I’ll go back to normal billing for future, similar projects. I have a good friend who is a wedding photographer, and after a couple of years in the biz she doubled her rates, and her business skyrocketed. She did it when she knew that she could deliver top-notch results, not before.
Are you a blusterer? The Sweet Polly Purebred part of me is so disappointed when I find out you’re not really all that good.
Are you really worth that big consulting fee?
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Comments
December 5th, 2009 at 5:18 am
Great piece, Linda. Somewhere between “overpromise and underdeliver” and “underpromise and overdeliver” lies the, uh, Promised Land.
December 5th, 2009 at 9:22 am
Linda:
Maintain your high ethical standards. You will do well by them. Thanks for sharing.
December 7th, 2009 at 8:56 am
Linda — what needs to be part of any discussion regarding fees is the expected deliverables. Looking back over the years, if a client has been less than overjoyed with our efforts, it has come down to expectations. It is important to benchmark the effort, know where you are starting and where you want to be. Evaluate the efforts as you go, not at the end, when there is no opportunity to adjust.
And my advice to clients is always feel free to let me know if we are not delivering to those expectations. We will make whatever necessary adjustments.
There are lots of ways to contract for service — hourly rates, retainer, monthly fees, projects. But whatever way you choose to structure your financial arrangements with clients, it comes down to fulfilling the client’s expectations.
December 7th, 2009 at 9:26 am
Good reminder, Abbie. Sweet Polly Purebred needs to speak up more!