I recently worked with a HR founder who was trading their time for money. A typical project would generate approximately £3500 to £4000 with this time-tracking based approach.
Now, you’re probably thinking… there’s nothing wrong with that? or if it ain’t broke, don’t fix it!
But what if I told you that same HR founder is now charging £7000 for the exact same deliverables and time output – all while giving her client a better experience.
You’d jump at that, too, right?!
The difference my client made was that they stopped trading time and started offering VALUE for money.
Join me and read on as I show you exactly how!
For personalised advice and coaching to enhance your HR consultancy, contact our team at MindAbility today! (Or get started for free by downloading our Sell Your Worth eBook).
Selling Time vs Value: What’s The Difference?
You may be thinking ‘what’s the difference between selling my time and selling value?’ Let’s clarify that before
Selling time is the old-school method of charging clients for every hour worked. But here’s the catch – it can sometimes result in prioritising quantity over quality. With this approach, the more time you spend on a project, the more money you make. But is that really the best way to go about things?
Selling value is a game-changing approach that focuses on delivering top-notch quality work and creating real value for your clients. You’re not just charging based on the hours you put in; you’re charging based on the impact and outcome of your work. This means you’re positioning yourself as a problem solver, rather than just a run-of-the-mill service provider who charges by the hour.
But How Do I Put A Number On Value?
But how do you put a number on value? It can be challenging to determine the worth of your services when you’re no longer basing it on hourly rates. The key is to look at outcomes and benefits that you provide to your clients. Think about how your work is making a tangible difference in their organisation.
For example, did you implement an HR strategy that led to increased employee engagement and reduced turnover rates? Or perhaps you provided training that resulted in a more productive and efficient workforce? These are just a couple of examples of how you can demonstrate the value you’re delivering to your clients. By focusing on the positive impact of your work, you’ll be able to justify your pricing and position yourself as a valuable asset to any organisation.
To obtain outcomes, it’s important to have a clear understanding of your client’s objectives and goals. This means taking the time to listen and ask questions, and working collaboratively with your client to develop a tailored approach that will meet their specific needs. By taking a consultative approach, you’ll be able to identify the areas where you can add the most value and make the biggest impact.
Once you have a clear understanding of your client’s needs, it’s time to develop a plan of action. This plan should outline the specific outcomes and benefits that you’ll deliver to your client, as well as the steps you’ll take to achieve them. Make sure to set realistic goals and timelines, and communicate these clearly with your client. By doing so, you’ll be able to manage expectations and ensure that everyone is on the same page.
Throughout the process, it’s important to measure your progress and track your results. This means regularly checking in with your client to see how they’re progressing towards their goals, and adjusting your approach as necessary. By doing so, you’ll be able to demonstrate the value you’re providing and continually improve your services over time.
Let’s Work Our Your Value
Let’s do a quick exercise together to understand your value and put together a package.
Step 1: Identify your ideal client
Start by identifying your ideal client. This could be a specific industry or sector, a certain company size, or any other criteria that you believe would make for a good fit.
Step 2: List their challenges
Once you have identified your ideal client, list out the challenges that they are likely to be facing. These could be related to talent acquisition, retention, employee engagement, or any other HR-related issues.
Step 3: Determine your unique value proposition
Next, think about how you can uniquely solve these challenges for your ideal client. This could be through your expertise, experience, or specific methodologies that you use.
Step 4: Identify the outcomes and benefits
Once you have determined your unique value proposition, identify the outcomes and benefits that your ideal client will receive by working with you. This could be increased employee engagement, reduced turnover, improved productivity, or any other positive outcomes.
Step 5: Develop your service packages
Based on the outcomes and benefits you have identified, develop service packages that are focused on delivering value to your ideal client. These packages should be tailored to their specific needs and challenges, and should clearly outline the outcomes and benefits that they will receive.
Step 6: Set your pricing
Once you have developed your service packages, set your pricing based on the value you are delivering. Remember, you are no longer charging by the hour, so focus on the impact you are making and the benefits that you are providing.
Step 7: Communicate your value
Finally, communicate your value to your ideal client through your marketing and sales efforts. Use the outcomes and benefits that you have identified to demonstrate the value that you bring, and focus on positioning yourself as a problem solver and strategic partner
Wondering why you should trade value not time? Here’s just a few reasons why:
- Increased revenue potential: By charging based on value, rather than time, you have the potential to increase your revenue and earn more for your services.
- Better client relationships: Selling value positions you as a problem solver for your clients, rather than just a service provider. This can lead to better client relationships and more repeat business.
- Improved reputation: By focusing on delivering high-quality results and creating value for your clients, you can improve your reputation and establish yourself as a trusted expert in your field.
- Increased job satisfaction: When you’re not focused solely on billable hours, you have the opportunity to focus on work that you’re truly passionate about, which can lead to increased job satisfaction.
- More effective use of time: By focusing on value, you can streamline your processes and focus on delivering high-impact results, rather than just putting in more hours. This can result in more effective use of your time and increased productivity.
Know Your Value, And Sell It With Confidence!
Coming back to the client story I started with, here’s what we did together to boost her margins. This client was working with a large organisation to help them create a different culture. This particular project was phase one of several, and it started with looking at the operations of the business.
We spent a lot of time looking at the outcomes for their client — for all levels from senior executives, to mid-tier, all the way to direct contributors. My client helped this organisation to maintain their good parts while embracing a new way of thinking, and working to become a more innovative contributor to their marketplace. These are some pretty significant benefits! And working through them helped my client to clarify their contribution while also showcasing all the benefits to the organisation!
Ultimately, I helped my client to demonstrate the expert they really were. And you can too!
Let’s Work Together
Need some help selling your value rather than time? Let’s book a 1:1 call together and increase your profitability! I look forward to helping you create