L. Darryl Armstrong
Set Fees Based in Value, Not Time Spent
Consider establishing fees based on value of the services you will provide and not on the time you spend on the project. Clients will judge the wisdom of your services based on their own agenda. They want to know if your services will help solve a problem, or if using your services will benefit them equal to or more than the cost of your services. Your fees must reflect value to the client.
You must be willing to estimate the total time needed to get the job done when you are quoting fee on a time and materials basis. Just telling the client you charge $200 an hour plus expenses is not always sufficient. Howard Shenson recommends you let the client know the number of hours you will take to produce the desired results. To properly estimate requires careful analysis and attention to details, says the late Shenson, the consultant’s consultant.
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