Value-based fees : how to charge what you're worth and get what you charge / Alan Weiss.

Format:

Book

Author/Creator:

Weiss, Alan, 1946- author.

Language:

English

Subjects (All):

Business consultants--Fees.

Business consultants.

Physical Description:

1 online resource (304 pages) : illustrations

Edition:

Third edition.

Place of Publication:

Hoboken, NJ : Wiley, 2021.

Summary:

"In the 13 years since the second edition was published, we've seen the following developments which dramatically impact consultants starting in the profession or veterans in the profession. Remote means of delivering services, from workshops to facilitation, from strategy to M&A work. A waning of the power and repute of huge firms because of their cost and ponderous work methods, and a reception of less expensive, quicker small firms and solo practitioners. The mammals are scurrying amidst the dying dinosaurs. A globalization of economy (that will resume post-pandemic) making exported knowledge a key contributor to income (if it were considered formally as an export it would seriously shift the trade imbalance). The emergence of an African middle class, the decline of ancient dictators, and the growth of a huge potential marketplace in most countries on that continent. The growing abandonment of "career" and reliance on large companies and the inclination to forge one's own security and focus instead on a "calling." Advanced technology that effectually replaces meetings and keynote speeches delivered in person with Zoom and Livestream broadcasting of high quality. Tele-health demonstrating that "tele-consulting" is feasible and acceptable. Even therapy is being done this way today. A strong move from project work to advisory work which is as strong a shift as 30 years ago when I pioneered a shift from hourly billing to value-based fees. A huge change in social mores that include social consciousness, racial justice, and embrace of varying life styles. These are especially important in future strategy"-- Provided by publisher

Contents:

Cover

Title Page

Copyright Page

Other Works by Alan Weiss

For the Third Edition

Contents

Introduction to the First Edition

Introduction to the Third Edition

Acknowledgments

About the Author

Chapter 1 The Origins of Value: What People Want Is Not as Important as What They Need

Abundance Agriculture and the Arts

The Abundance Mind-set

Why Your Presence Isn't Required

The Importance of Buyer Commitment, Not Compliance

Critical Steps for Buyer Commitment

The Buoyancy of Brands: How Brands Help Fees

Creating Shared Success

Chapter ROI

Chapter 2 The Lunacy of Time-and-Materials Models: Who Wants to Be as Dumb as a Lawyer?

Supply-and-Demand Illogic

Ethical Conflicts of Interest and Other Minor Matters

The Basis for Profit

The Client Need Quandary

Conflicts with Client Purchasing Policies

Preserving Client Budgetary Limits

Limiting Profits, or Why Not Just Forget Domani?

Why Lawyers and CPAs Do So Poorly

Attorneys

Accountants

Search Firms

Educating the Buyer Incorrectly

The Mercedes-Benz Syndrome

Chapter 3 The Basics of Value-Based Fees: It's Better to Be an Artist Than to Be an Engineer

Focusing on Outcomes, Not Inputs

The Fallacy and Subversive Nature of "Deliverables"

Quantitative and Qualitative Measures and Criteria

Quantitative or Objective Criteria

Qualitative or Subjective Criteria

Measuring the Unmeasurable

Serving the Client's Self-Interest

The Subtle Transformation: Consultant Past to Client Future

Perpetual Motion, Perpetual Progress

Chapter 4 How to Establish Value-Based Fees: If You Read Only One Chapter . . .

Conceptual Agreement: The Foundation of Value

Establishing Your Unique Value

Why Me?

Why Now?

Why in This Manner?

Creating the "Good Deal" Dynamic.

The Incredibly Powerful "Choice of Yeses"

Some Formulas for the Faint of Heart

Chapter 5 How to Convert Existing Clients: Be Passionate, Not Zealous

The Litmus Test-Setting Priorities

Offering New Value

Unlimited Access

New Services

Wider Access

Combined Buyers

New Access Points

"Membership" in Perceived Benefit

Finding New Buyers Within Existing Clients

Finding New Circumstances

The Resistance

Abandoning Business

Interlude: The Case of the Loaded Loading Dock

Ethics and Fees, Fees and Ethics

Chapter 6 The Sublime Nature of Trusted Advisor Relationships: It's the Smarts, Stupid

Optimal Conditions for Trusted Advisor Relationships

The Prime Directive

Choosing Time Frames and Creating Realistic Expectations

Quick Tips for Gaining High-Value, High-Profit Retainers

Organizing the Scope and Managing Projects Concurrent with the Retainer

Capitalizing on Trusted Advisor Relationships

Aggressively Marketing Trusted Advisor Relationships

Chapter 7 Seventy Ways to Raise Fees and/or Increase Profits Immediately: Act Today and Receive a Second Bass-o-Matic Free of Charge!

Chapter 8 How to Prevent and Rebut Fee Objections: Since You've Heard Them All Before, How Can You Not Know All the Answers?

The Four Fundamental Areas of Resistance

Resistance Point 1: I Don't Trust You

Resistance Point 2: I Don't Need You

Resistance Point 3: I Don't Feel Any Urgency

Resistance Point 4: I Don't Have the Money to Pay You

Maintaining the Focus on Value

Boring In on the Subject

Offering Discounts

Full Payment in Advance

Using "Smack to the Head" Comparisons

Chapter 9 Setting Fees for Everything Else: How to Make Money While You Sleep, Eat, Play, and Make Money Elsewhere.

Keynote Speaking: Don't Charge for Your Spoken Words

Factor 1: Establish Your Value

Factor 2: Develop Options

Factor 3: Use Speakers Bureaus Only on Your Terms

Products

Commercially Published Books

Self-Published Books

Other Stuff

Exploring New Lucrative Fields

Coaching

Mentoring

Situational Consulting

And Now for Some Perspective

Chapter 10 Fee Progression Strategies: Why You Fall Behind When You Stand Still

Entry-Level Fees

Transition to a "Going Concern"

Transition to Peer-Level Referral

Transition to the Brand Phase

Branding of Approaches, Products, and Methodologies

Branding One's Own Name

Transition to Thought Leader and Icon

Alan's Axioms for the "Good Deal"

1. You Are Entitled to Be Compensated for Your Value

2. Basing Fees on Time or Materials and Not on Value Is Simply Crazy (and Unethical)

3. Buyer Self-Interest Is Based on Results

4. Conceptual Agreement Is the Linchpin

5. Existing Clients Can Be Converted to Value-Based Fees

6. Trusted Advisor Business Is Discrete and Sound Business

7. There Are Scores of Ways to Raise Fees and Margins

8. You've Heard All the Objections Already

9. Nonconsulting Activities Are Lucrative

10. Identify Where You Are in the Fee Progression Strategy

Chapter 11 Volatility Opportunity: Value-Based Fees in Times of Turmoil and Crisis

Value Doesn't Dissipate Due to Distance

We Don't Have Time, We Don't Have Money

How Can I Help You?

I Need Your Guidance

Appendix A Questions for Qualifying the Economic Buyer

Appendix B Questions for Establishing Business Objectives

Appendix C Questions for Establishing Measures of Success

Appendix D Questions for Establishing Value

Appendix E Questions for Assessing Personal Value Contribution.

Appendix F The Difference Between Inputs and Business Outputs

Notes

Index

EULA.

Notes:

Description based on print version record.

Includes index.

ISBN:

9781119776970

111977697X

9781119776963

1119776961

OCLC:

1273974133