Pricing Your Consultancy Services
This two-day workshop will help you understand why pricing is an important aspect of a business. Like any other businesses, consultancy business sees pricing as an important business decision that needs to be made now and then. Wrong pricing decision may contribute to losing competitiveness while right pricing decision is always associated with positive impact on the bottom line. The question is what makes you to say whether the decision that you make is right or wrong until you see the result. Figuring out the rate to charge clients can be tricky. Obviously you want to be paid as much as possible and your clients want to pay as little as possible. In the middle is some rate that you’ll both deem as fair. But what’s fair?
Knowing how to set, negotiate and defend rates is crucial for a consultant. Go too high and you’ll lose business. Go too low and you’ll leave money on the table — or, worse yet, undermine your credibility. In the end, the right price for a consultant’s service is the price that the consumer is willing to pay. For this reason, correct pricing decisions are a key to success. New consultants often make the mistake of either charging too little or too much for their services. So to help you avoid making one of these mistakes, this workshop will introduce participants with the guiding principles of price determination and provide them with an opportunity to gain a real pricing experience through pricing exercises.
How Will I Benefit?
At the end of the workshop, the participants will be able to answer a number of important questions pertaining to consultancy pricing including:
- What are the drivers of consulting value
- What factors that influence the worth of your services
- What are the factors to consider when you are setting your consulting fees
- What are different types of pricing models/approaches
- How to determine your breakeven price
- What to include in your consultant fee
- How to price for profit
- How to compute the charge-out rate
What Will I Learn?
Important topics discussed in the workshop include:
- Schein’s Three Models of Consulting
- Drivers of consulting value
- Pricing decisions
- Law of pricing
- Consultant’s fee differences
- Cost vs. Value
- Consulting pricing models/structure
- Payment terms – How to pay consultant?
- Three musketeers of pricing
- Pricing puzzle
- Markup, Profit percentage, and Profit margin
- Determining your rates
- Negotiation tactics and strategies for consultants
- Overcoming objections to price
- Pricing strategies and tactics
- Pricing myths
- Setting consultants’ KPI
Who Should Attend?
The course is designed for anyone who has been involved or planning to get involved in consulting work/business including:
- University lecturers
- Consultants (internal and external)
- Practicing independent consultants (small firm and extablished)
- Contractors and freelancers (new and established)
- Graduates interested in pursuing consulting career
- Anyone who wants to know about consultancy pricing techniques
USD$7,150 per group up to 25 persons
USD$370 per person with a minimum of 10 persons and maximum 25 persons
Price is inclusive of training materials and certificate. All other incidental costs including traveling (transport and lodging), F&B, training, stationery & printing, and training room& facilities will be borne by the client. Terms and mode of payment will be discussed upon confirmation.