It’s probably safe to say that most of us would like to boost our incomes. How do you do that without burning yourself out? How do you break the income barrier, especially when the economy is poor, unemployment is high, there are many consultants competing for the same business, and clients are trimming budgets?
Perhaps you’ve wondered why some consultants maintain high incomes in good times and challenging ones.
Take this simple quiz developed by Linda Popky, a million-dollar consultant and president of Leverage2Market Associates, to find out if you’re working hard or working smart.
- Do you feel the only way to increase revenue is to bill more hours? __ Yes __No
- Do you feel the need to justify to clients the time you are putting into their projects? __ Yes __No
- Do you feel you are frequently treated like a vendor or hired hand rather than a partner to your client? __ Yes __No
- Do your clients tell you they love your proposal but need to get final sign-off from higher authorities before proceeding? __ Yes __No
- Do you find yourself competing for business on the basis of price? __ Yes __No
- Do you work directly with decision makers who have the ability to write a check or issue a purchase order for your work? __ Yes __No
- Can you clearly articulate why the client should hire you in terms of their key business objectives? __ Yes __No
- Are you clear on why the client should hire you vs. find other ways to solve their problem? __ Yes __No
- Can you specifically state the metrics the client will use to measure the success of the project? __ Yes __No
- Can your client state the impact of the project on their organization, including customers, suppliers, employees, and other stakeholders? __ Yes __No
For questions 1-5, give yourself 10 points for every No answer, 0 points for Yes answers.
For questions 6-10, give yourself 10 points for every Yes answer, 0 points for No answers.
Total up your score.
Less than 50 points: You may be working hard, but you’re not necessarily working smart. Look for opportunities to take your business to the next level.
50-60 points: You’re on the right track, but wouldn’t you like to increase your revenues in line with the value you’re creating for clients?
70-80 points: You’re doing a great job, but there’s opportunity to build your business by thinking more strategically about the value you provide.
90-100 points: You understand the importance of selling on value and you’re always looking for best practices to help you do even better.
Whatever your score, join Linda for the upcoming WIC workshop, “Earn What You’re Worth: Value-Based Pricing” on Tuesday September 20. She’ll discuss ways you can use value-based pricing to get the fees you deserve for the value you provide to clients. Linda will focus on the methodologies of million-dollar consultant Alan Weiss, author of more than 40 books on consulting, including Value-Based Fees: How to Charge — and Get — What You’re Worth — A Guide for Serious Consultants.
Register by September 6 to get the early-bird rate.
