I pioneered value based fees for consultants in the early 90s, first appearing in book form in the original Million Dollar Consulting in 1992.
I can remember the prevailing wisdom: Calculate how much money you need for your lifestyle, divide by the available number of hours you can work in a year, and you have your hourly rate!
Right, and of course you also have broken relationships, an ulcer, very little in retirement or discretionary savings, and virtually no time at home. Yet, there are still people on the internet in 2015, a quarter century later, providing “hourly fee calculators”!
In this teleconference, I’m going to address how to create, apply, and profit from value based fees in 2015 (while I’m writing the 25th Anniversary Edition of Million Dollar Consulting and the accompanying book, Million Dollar Maverick). I’ll cover:
- How to maximize the monetization of objectives and value.
- The three-stage formula for maximum fee levels.
- The role of tactical and strategic retainers.
- How to influence buyers accustomed to hourly suppliers.
- How accountants and lawyers can change their billing practices.
- When NOT to talk about fees, and when to SHOUT about fees.
Oh, yeah, I’m supposed to give you some outcomes:
- Higher fees for less labor, constantly and forever after.
- See benefit #1.