This is a subject that I believe most people have difficulty either discussing with themselves and with their clients. I know what I charge and I feel confident with those fees ... I think people see the value behind my services ... the feedback to date agrees with this. The loop hole for me is then asking myself if I am not charging enough or if I want to increase my fees when and by how much so I am not charging myself out of the market place. I recently read an article in the December 2007 issue of Costco Connection ... if you are a member of Costco then you receive this monthly magazine. The authors Paul and Sarah Edwards list three "Don'ts", five "Do's" and one "Never".
The following is a short exert from their article and I believe they have hit the mark on all of them:
- Do's ... quote fees openly and clearly upfront, explain your policies clearly, calculate all costs and profit in any fixed fee quoted, let a prospective client know beforehand if you will be charging for your sales call, and discuss any possible additional cost increases;
- Don'ts ... discount your prices for fear of not getting enough business or feel embarrassed to openly charge a fair fee, forget to cover out-of-pocket expenses and indirect costs, and forget to add on a reasonable profit;
- Never sell yourself short!
After reading the article I realize that by writing and posting on my website my different policies including how I handle NSF checks, late arrivals, no shows, and when prices are reviewed for an increase possibility empowers clients and prospective clients to be make educated decisions with regard to how they interact with myself and others which work with me. The unfortunate part is I can not guarantee everyone will read these policies but I least I can be assured I have put the information in a readily available location for all to read.
Until next time ... thanks for reading and remember "Embrace your inner wisdom".
With gratitude,
Karen
