Whether you believe the us economy is at risk of a recession or not—you’re right.
What?
It’s well known that beliefs can overcome facts and data and cause people to act in accordance with those beliefs.
This happens in the economy as well.
What was behind the rush to save Silicon Valley Bank? Fears that depositors at other banks would rush to withdraw their own deposits.
So when it comes to raising fees, what you think affects your decision.
Raise fees when you increase IMPACT to the client
I’m here to suggest that any time is the time to increase your fees no matter what your beliefs about the economy.
Your capability to deliver life changing differences grows daily.
What new issue did you untangle recently? Did you learn something new from the latest Continuing Education course you took? What new idea did you take home from an industry conference? What are you learning from podcasts, books, and webinars?
All of these contribute to your increasing ability to deliver life changing differences. And the significance of those life changing differences grows as well.
You are not the same professional or business services provider you were last month or last year.
Your fees should reflect your growth as a knowledgeable expert who makes a difference in people’s lives.
When thinking about your firm’s fees, ask this questions: How and to what extent are we more capable of changing our clients’ lives? What fees reflect these changes?
Clients and prospects want life changing differences
Remember this: your clients’ lives are changing all the time too. They have new needs, wants, and desires. The IMPACT you delivered to them last year is not what they’re seeking this year.
You have to learn from them what they’re seeking and tell them how you can deliver on those new needs, wants, and desires.
When you tell them, you also discuss the connection between more significant life changing differences and the fee. Everyone understands higher fees connected to more IMPACTful outcomes.
The Choice Framework makes it easy to connect fees to IMPACTs delivered
Some professionals and business services providers feel uncomfortable having this discussion.
I get it!
We feel like we’re bragging, or the words don’t seem to come. Maybe the client will challenge us.
The Choice Framework helps you overcome your reluctance and discomfort.
The Choice Framework helps you design offers/engagements/proposals that tie the IMPACTs you’ll deliver to the fees you’ll charge.
In the process of writing your IMPACT, IMPACT PLUS, and IMPACT Light offers, you’ll work through the objections you anticipate, and the discomfort you have will dissipate. Remember, the client won’t see any of this, only the final offers. You can write, revise, and write again until you feel comfortable.
The conversation with the client will go smoothly after that preparation.
Fee increases are founded on the fact that you and your associates continue to add capabilities, and that clients want more significant life changing differences.
When you remember these two facts, you’ll have confidence using the Choice Framework to offer life changing differences–IMPACTs–to your clients.
Need some guidance or a pep talk? Text CHOICE to 703-801-0345.
