From the course: Contracting for Consultants
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How to price consulting work
From the course: Contracting for Consultants
How to price consulting work
- The pricing approach you choose has huge implications for the profitability of your project. If you price the work with the time and materials model, scope changes won't hurt you, but the project might be less profitable than if you use a different pricing approach. The time and materials approach means the client pays you for every hour of work you do as well as paying for any materials you use on the engagement. If you price your projects with a flat rate, the project could be much more profitable, but you could suffer a loss due to scope changes. Basically, you're selling the project for a fixed price, no matter how much or how little effort it takes on your part to satisfy the client expectations on your deliverables. You'll need to be mindful of how you describe your rates, discounts and rebates, because that description comes into play during negotiations. During one client interaction that I had when I was selling some Thought Leaders work, I had a discount schedule for the…
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