Tuesday, January 26, 2016

MondayMorningMarketeer, Determining What You Are Worth as a Consultant

Great answer on Quora for the Pressing Question 

that You Should Be Asking Yourself
What Are You Worth?

For consultants who charge $500+/hour, what do you do differently to add immense value to your clients (vs what you did when you were charging $100/hour)?

Liked this answer on Quora the best.

Marie Stein
Marie Stein

At $100/hr, you might be able to grind through lots of material, or work on your own.  But typically, you also lack judgment, experience, and understanding of where the client is within a particular competitive universe, and how to help them achieve their goals.  You may not have all the technical expertise down; or you might have some of the technical expertise but not understand how to apply it.  You don't yet know how to listen.

Some consultants will charge $150/hr; and those might be people who can do some of those things above; grind out the technical detail; and give you a bargain basement solution.  With no more, unless you pay them for it.

At $500/hr, you have the judgment, experience, and listening skills.  Or you should, anyway.  At some consulting firms, the $300-500/hr guy is the one who sells the project and is responsible for staffing it, but not always the one who can actually do it to the level of professionalism and expertise that the client might wish for.

At $1000/hr, you can do all of it and still make the client think that they're getting a bargain.

Read Faisal Khan's answer to For consultants who charge $500+/hour, what do you do differently to add immense value to your clients (vs what you did when you were charging $100/hour)? on Quora

Note from the TechnoGranny, Joanne Quinn-Smith

I would add that your value should be determined by your ability to solve problems and create sustainable solutions.  Money is not a four letter word in business, you are meant to make a profit commensurate with your ability to produce.  These answers are so great,  if it ain't broke, don't fix it but I would quote Dan Kennedy, "If you are too busy, you are not charging enough.

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