Professional services firms both large and small are not always skilled at charging their true worth. They may take their expertise for granted and not feel confident talking about their fees. Many go out of their way to over-deliver to clients, at their own expense. But if you charge your true worth, you will generate more revenue, without having to get more clients and you’ll be able to serve your clients better, Vanessa Ugatti explains.
The sudden arrival of the pandemic created massive fear and uncertainty on every level. As far as businesses were and are no doubt still, to some extent, concerned, the potential for this to negatively impact the bottom line is probably never far from business owners’ minds.
So it was never more important than now for your people to be confident in charging their true worth.
Do they underestimate, discount fees for no apparent reason or do work for free? They may be doing all three, which means that they’re losing money hand over fist. The more often they do them, the more money you’re losing. They’re probably also spending far too much time working to make up for the shortfall, so they’re overworked, stressed, tired and even resentful.
Sound familiar?
I know from working with experienced, talented, conscientious experts, just like you, that this is a really commonplace problem and has nothing to do with intellectual ability or professional competence.
You may think that logic drives you and your people. In fact, self-worth, not logic, is at the heart of everything we do and drives our behaviour. If you or your fee-earners don’t feel 100 per cent worthy (and lots of intelligent, capable professionals don’t), then they will find it impossible to charge effectively.
A few years ago, because of my own inability at the time to charge properly, I created my True Worth methodology to solve this thorny issue.
Whatever your profession or industry, my “True Worth” principles will work for you. When you are able to understand the value of your services and communicate your value with confidence, invoicing your true worth for maximum profit becomes normal practice.
Can you imagine the incredible impact on the firm’s bottom-line, your people’s time and their quality of life if they were able to get paid their true worth every time?
Imagine the increase in your profits by getting top dollar rather than having to find more clients?
You can drive the firm’s profitability through the roof in just a matter of weeks!
Excited? You should be!
Top Five Tips For Charging Your True Worth
1. Don’t be the firm doing it cheaper
That’s it! Make that decision and stick with it. If you do, you’ve successfully jumped over the first hurdle. Well done.
2. Look honestly at the value your firm brings
Your firm has a significant amount of expertise in its field and yet it’s not easy to understand your value and perhaps differentiate yourself from others. The longer your people have been practising, the easier it has become for them and the more they take their knowledge for granted. That means it’s easy to devalue what they do and so the well-practised behaviours of under-estimating, discounting and over-servicing continue. That’s just human nature.
It’s important to spend some quality time to really reflect and understand the true value your firm provides for its clients. Make this a priority – if you don’t, you may well be losing out on revenue that is rightfully yours. This is an exercise that should be reviewed regularly.
Of course, I’m just scratching the surface here, but it’s a start.
Don’t only focus on what you do for your clients – that’s the features of your service.
The benefits are what the features of your service mean to the client.
So, to turn a feature into a benefit, you can add the words ‘which means that…’.
For example, if you tell a client, ‘I can sort out your finances following your divorce for you’, that’s you describing a feature of your service. If you then add, ‘…which means that you’ll have the money you need to maintain your lifestyle’, that’s the benefit loud and clear. Then you can ask, ‘so what would that be worth to you?’
If you don’t first demonstrate the value of what you do, the client will always regard the quote you give as high. You have to get them to shift from looking at the price to seeing the value. When they see the value, then the price you quote will seem more acceptable.
3. Make sure your clients appreciate your value
Are the clients you’re working with, in general, the sort who will pay you on value, or are they looking for cheap and cheerful?
If it’s the latter, then clearly you’re working with the wrong clients! Decide to only work with those who really appreciate your offering and are willing to pay accordingly. This means that you must be willing to turn potential clients down who do not fit into this category.
This is not always easy, because many professionals don’t like to say no.
4. Eliminate limiting beliefs
A key area that needs to be addressed if your people are going to be able to charge their true worth is what I call the Noisy Natter, Chitty Chatter in their head.
That is those limiting beliefs that stop them from asking for the correct fee. By limiting beliefs I mean what they say to themselves about the prospect/client which stops them from taking the action which would be most beneficial for the firm and the individual.
Examples of limiting beliefs include:
- I can’t possibly charge that;
- The client won’t pay that;
- How can I justify charging that when it was so easy;
- It’s a lot to ask them to pay;
- Is it really worth that much?
If these limiting beliefs are not addressed, the firm’s revenue will be compromised.
This is key. If you or your staff hesitate or feel nervous when discussing fees, unfortunately, that will come across to the client.
5. Get help
Be willing to invest in yourself and the firm. Investing in your staff in this important subject will help the firm flourish and why not get help from OutSec to improve your productivity?
To receive a copy of Vanessa’s 10-point cheat sheet for getting paid your true worth, email her at vanessa@thetrueworthexpert.com.
About Vanessa Ugatti, The True Worth Expert
Vanessa Ugatti is a keynote speaker, author of Amazon bestseller, ‘How to Get Paid Your True Worth’ and a transformational trainer and coach. She helps professional services firms to get paid their true worth, leading to a wealthier firm and healthier, and happier people.
Her True Worth methodology can release your people from the crippling self-doubt that kills the commercial potential of too many professional services businesses.
Isn’t it time you got paid what you’re really worth?
comprehend information better. You can also enhance your learning, productivity, and creativity in the process.
About OutSec
OutSec is the UK’s leading online transcription company whose business has grown substantially since 2002. We are one of the most successful transcription companies in the United Kingdom.
OutSec provides secure outsourced transcription services to the medical, legal, property and surveying, universities, media and interviews, advisory boards, conferences & seminars, inventories, financial, corporate, HR, recruitment and Executive Search sectors.
Why is Dictation More Efficient than Typing?
Well, the simple fact is that we can all speak considerably faster than we can physically type:
“The average person types between 38 and 40 words per minute”.
A “good rate of speech ranges between 140 -160 words per minute.”
In other words, dictation is up to four times faster than we can type. Therefore, simply dictating a document is more cost-efficient, giving you more time to dedicate your efforts elsewhere in your business.
Therefore why not add OutSec as a business continuity option for your business? Accounts are free, you pay on a per-minute basis (rounded to the nearest minute) on a pay-as-you-go basis, with no contracts or minimum spend. What do you have to lose? Why not open an account today!
