One interesting fact of consultancy services and the consultancy business that has been observed over time is that the fees charged for services rendered are often too low because the consultants haven’t been able to set appropriate benchmarks for their projects.
It mainly boils down to the service providers’ inability to adequately educate the client about the true worth being derived from the project. The client’s inability to understand the true economic value of the services he’s paying for resultantly lowers down the fees that the consultant can charge the client. The client understands the tasks that have been performed, the deliverables provided as part of the development process, but fails to understand the benefits of the services rendered in the long run because the consultant fails to enlighten the client about the same in the first place.
Here it is required on the behalf of the consultant to provide the client with measurable values to estimate results and convert those results into assessable returns.
The consultant is advised to prepare and inject three sets of benchmarks before entering into a theoretical accord with a prospective client and surely before a proposition for the project is actually submitted to the client.
- The short term metrics which usually include a statement of sales over a week, customer feedback forms et al.
- Long term benchmarks including divisional targets met changes in public perception for the business in question, behavioral changes in the administration.
- The final benchmarks give precedence and paramount importance to the needs and expectations of the client and the set standards and metrics that have to be in sync with the work culture of the business.