This is a guest blog by my friend and colleague, Betsy Jordyn. She and I have collaborated on working with consultants to accelerate their business growth. She joins me as a Master Mentor in Alan Weiss’s global consulting community. I’m happy in this week off preparing for my daughter’s wedding, to feature Betsy’s work!
How to Quantify the Value of Your Consulting
By Betsy Jordyn, Accelera Consulting Group
One of the biggest challenges that new and seasoned consultants both struggle with is: how to quantify the value of their consulting. In other words, they know that what they do makes a difference but they can’t seem to connect the dots between their expertise and the tangible business results that their expertise creates.
If this sounds like you, here are some insights that can help you get started:
- Your Track Record: How much time and money have you invested in developing your expertise? In comparison to others, how does those investments impact how well you can deliver to your clients quality, speed and effectiveness?
- Typical Results: When a client engages to work with you, what BUSINESS OUTCOMES does your consulting create? If you are a trainer or coach, how do your programs enhance workplace culture and environment and employee engagement? If you are a digital marketing expert, how does your website or social media support create stronger consumer awareness, lead conversion, or product/service utilization?
- Project Value: When a client asks for you help with a solution, how does that solution change leadership, employee or customer behaviors? When those behaviors shifts, what difference do those shifts make in terms or tangible business outcomes?
- Consultant Contribution: When you work with a client, what INCREMENTAL VALUE do they get? Do you reduce the project cycle time (and all the cost savings and revenue upside that comes along with it?)? Do you create stronger buy-in and reduce resistance (and all the cost savings that goes along with avoiding that dreaded “flavor of the month” syndrome)?
- Actualized Results: When you conclude a consulting gig, do you measure the results? Are you able to demonstrate to your client the Project ROI (financial benefits offset by project costs) and their Return on Approach (the incremental financial benefits and intangible benefits offset by your fees) that you uniquely were able to create for them?
Henry Ford once balked at $10,000 bill provided by “consultant” Charles Steinmetz of General Electric whose help was needed to resolve a generator problem. In response to Fords’ objections, Steinmetz sent this: “Marking chalk mark on generator, $1. Knowing where to make the mark, $9,999.” Ford paid the bill.
When you are able to quantify your value, you are able to stand in your worth. When you are clear on why your client really needs you, it will give you the courage to confidently say: “I am not an expense to be managed. I am an investment that will generate a dramatic return.”
Betsy Jordyn is a seasoned consultant and mentor aspiring and thriving consultants. If you want enhance your ability to CALCULATE and COMMUNICATE the value of your consulting, join Betsy in her one of a kind professional development experience “Consulting Skills Practice Sessions Bootcamp.” Through on demand video instruction and LIVE virtual role-play, you will learn EXACTLY how to ask for (and receive) what you know you are worth. Sign up today!
You can learn more about Betsy on her website