David A. Fields shares a few valuable tips on consulting fee structures.
Consulting engagements come in many flavors. Your consulting firm’s work for a client could range from answering questions in real time based on your knowledge and experience, to developing research-based recommendations, to constructing and implementing complex solutions.
Where does advisory work fit in, and should you construct contracts for advisory work differently?
Let’s say Mabel Maybell, CEO of the famous Home o’ Phonics literacy company (a.k.a. HoP), asks you for help. Your consulting firm recently completed a project for HoP in which you researched a broad range of possible expansion opportunities. Ultimately, you recommended they enter the digital shirts arena.
Mabel’s senior staff think your recommendation is a good fit, and now Mabel wants to shoulder into the new jersey market.
Key points include:
- Client expectations
- Two different types of consulting contracts
- Mixing project work and advisory engagements
Read the full article, SHOULD YOU USE THE SAME FEE STRUCTURE FOR THESE TWO CONSULTING ENGAGEMENTS?, on DavidFields.com.