Consulting Insights
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Jun 03 • 3 min read
Your Safe Space to Ask, Learn, and Connect – 4 Questions from past Consultant Q&A Sessions
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Hello Reader Pricing questions come up often in our monthly Consulting Q&A sessions and for good reason. Navigating pricing as an independent consultant can feel uncertain, especially when you're doing it alone. That’s why these sessions exist: to provide a safe, welcoming space where consultants at all stages can ask questions, share experiences, and learn from one another. The next Consulting Q&A session is this Thursday at 2 PM ET (11 AM PT | 12 PM MT | 1 PM CT). Sign-up is required to receive the Zoom link. To provide insight into some pricing questions asked in the past, here are four questions along with brief responses. Each led to a valuable discussion, because consulting is easier when you're not figuring it all out on your own. 1. When should I ask how much money has been budgeted for the initiative?
I recommend asking a prospective client before you meet to discuss an opportunity if funds have been allocated. Most people won’t waste time so they’ll tell you if funds are set aside or if they want to meet for planning purposes only. At times, particularly if you have a solid, trusted relationship, the client will share the actual budgeted amount before the initial meeting.
Ask about the budget again during the discovery meeting when you gather details. As a consultant, you don’t want quote a price of $50,000 when the client has budgeted $10,000.
2. What do I do when someone calls and ask me want do I charge before we have even met to discuss their opportunity?
Quoting a price is one of the last things a consultant does. When someone asks how much you charge, politely explain that you need more information.
You can say:
“Thank you for your call. I want to make sure I understand of your problem (or the opportunity). Would you mind answering a couple of quick questions?”
or
“Thanks for reaching out. Before I can talk about pricing, I’d like to better understand what you're looking for. Would you mind if I asked a few questions?”
Once you know why they want a quote, decide the next step which could be setting up a discovery meeting to find out more or ending the conversation because the opportunity is not a fit for you and you aren't a fit for them.
Are there exceptions? Yes. If you provide a transformational program (also referred to as a signature system) or a standardized package, both of which have prices that do not vary by client, it might be acceptable to quote a price. Note the word might.
3. What do I do when a person or organization has limited funds to invest but needs and wants my help?
First, assess if the limited funds are real or just fear of spending. If it is the later—their fear—focus on the value you provide.
If the limited funds are real, all isn’t lost. Start by determining what services you might be able to provide based on the funds available. This requires listening closely with both eyes and ears. Then explore options with the client and get creative. This approach can help the client create a budget for the entire effort, even if part of the effort is a next year project.
4. Since I’m new to consulting, I was told I need to do the work for free?
NO, NO, and NO! Never work for free.
If you have experience and expertise and you are providing value, you need to be paid. Don’t let anyone tell you otherwise.
Interested in joining this First Thursday Consulting Q&A session?
Date: Thursday, June 5th
Time: 2 PM ET (11 AM PT | 12 PM MT | 1 PM CT)
Duration: 60 minutes
Cost: Free
Sign-up Required (gets you the Zoom link) And if you want to ensure your question is discussed, send me an email (laura@lauraburford.com) before 12 PM ET on June 5th. Questions submitted ahead of time are discussed first. I look forward to seeing you there! Laura Burford July's First Thursday Consulting Q&A session is being moved from July 3rd to July 10th (Second Thursday of July). Reason: July 4th Holiday. Sign-up for July 10th. Whenever you’re ready, here are ways I can help you become an Experienced "Go-To" Consultant:
Consulting Mastery: A Path to a Sustainable and Profitable Business (Online Group Program): This program guides you through key consulting strategies and functions to build a business that works for you and your clients. To find out more, schedule a free 45 Minute Consulting Strategy session.
The Ultimate Guide to Building a Successful Consulting Business (Document): This guide discusses a simple yet effective five pillar framework, The Consultant’s Blueprint©, to help you focus on what truly matters.
Consulting Insights (Videos): YouTube videos organized by each of the five Consultant's Blueprint pillars.
If you liked this article, consider sharing it with others. Have a question? Send me an email at Laura@lauraburford.com. |
Are you a Consultant looking to establish and grow your consulting business? If so, subscribe to get the latest insights to help you SOAR and build a profitable, sustainable business.