You may be reluctant to tinker with the fees you charge, especially given the tough market many of your clients face. Still, it’s good to look at how you’re pricing your services to see if there’s room for improvement.
Your expertise (and value to clients) grows over time. Often, though, fees lag behind that growth. Most consultants I meet are pricing their services too modestly for the value they provide.
When was the last time you changed your fees? If it’s been more than a year, it’s time to consider a change. It’s a routine matter for many businesses to raise their fees each year, no matter how good or bad the economy.
You might worry that you will sink your competitive position if you change your fees in a tight market. But remember, the state of the economy won’t impact your clients’ perceived value of your services–assuming you’ve done a good job expressing that value.
To decide if you need to rethink your fee strategy, ask yourself one question: Is the value you bring to your business keeping pace with the value you’re bringing to the market?
