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#266: Slowing Down

Posted By Mark Haas CMC FIMC, Monday, March 22, 2010
Updated: Monday, March 22, 2010
I'm working too hard. I'm too busy. And I want to slow down but just can't sem to. Any tips?

I am assuming (maybe right and maybe not) that you are overworked with paying client work. The tip is not what you might expect in this economy but here it is. Raise your fees. A lot. For both existing and new clients. Risky? Wouldn't this lose some business? Most likely ... but you did say you wanted to slow down.

Surprise ending: You may slow down ... but don't be surprised if you end up making more money than ever before ... and working fewer hours. There is a saying that no matter what you charge you will get back the same dollars but with more or less customers. In a time of commoditization of consulting (and many other professional) services, when more and more consultants are undifferentiated, a notably higher fee will certainly set you apart. Now all you have to do is to make sure you meet those expectations.

Tip: Want to hedge your bet? Try it with half your clients and prospects and evaluate how this works in trimming your client load.

© 2010 Institute of Management Consultants USA

Tags:  client development  fees  marketing  reputation  work-life balance  your consulting practice 

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