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Value-Based Fees: How to Charge What You're Worth and Get What You Charge
Hardcover
ISBN13: 9781119776925
Publisher: Wiley
Published: Sep 22 2021
Pages: 304
Weight: 1.45
Height: 1.34 Width: 7.40 Depth: 9.37
Language: English
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.
Specifically, in addition to the basics, the new book will focus on the impact of these and other ongoing changes relative to:
- Remote project work.
- Advisory work fee calculations.
- Establishing retainer amounts.
- Formulas for collaboration work.
- Formulas for subcontracting work.
- Evergreen clients (multi-year work).
- Fees based on monetization, emotional impact, and peripheral impact.
- The role for pro bono work.
- The formula for fee/free interaction.
- The relationship between premium fees and brand power.
- Charging and collecting fees internationally.
The book will have an electronic appendix, permitting ongoing updates and allowing immediate adjustments to the times.
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