Our Client has asked us to do the whole engagement for 20% less. What do we do? We reduce the level of value by a commensurate amount.
If we MUST reduce fees, let's at least make sure that we are reducing value accordingly.
Few professionals have the confidence in a negotiation to reduce what they offer if the client wants a reduction in price. Not doing so however suggests that you are prepared to put pressure on your gross profit margin unnecessarily. Is that acting in the best interests of your firm?
Today’s To-Do
Decide what your ‘walk-away’ price is on any given opportunity and be prepared to do just that if a deal with a prospective client is not a ‘win’ for both parties.
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