Here’s a list of the top 20 ways that came to our minds while deliberating on a number of requests from consultants from the same. After due thought process and deliberation, we have narrowed down to the following 30 ways that can you can effortlessly use to increase your consultancy fees and also protect your revenue from capricious requests of suspicious cash flows which might lead to outflows.

  1. Make sure you are on the same page with the client, on the spirit and on the paper of the contract.
  2. If any part of the contract is beyond your comfort zone, sublet or outsource the work, don’t let go off a lucrative contract and a hefty payday if only a part of the contract is beyond your specialization.
  3. Higher fees psychologically create the idea of superior work in the mind of the client and that is something you should capitalize on.
  4. Keep improvising and keep introducing new value to existing clients to prevent them from seeking out new consultants.
  5. Include incentives and extra perks and services for a one time, full definite payment.
  6. Improvise, innovate and pass on real ‘value’ to your customers. Create value to get valuable paychecks in return.
  7. Figure out what the client needs apart deep beneath what he says what he wants and tries to sell extra services to him or charge more fees for the extended services rendered.
  8. Charge your clients on the basis of the value you provide them. Time or demand and supply shouldn’t be ever the basis for the fees you charge.
  9. Never ever readily offer your clients the option to reduce fees.
  10. Work on some projects pro bono, out of good faith or to build a good image but never lower down your fees because that might hurt your interests considerably in the long run.
  11. Never reduce your fees, unless you reduce the value provided or the services offered.
  12. Never ever accept payment or enter a contract where you are going to get paid subject to the completion of your work.
  13. Every two years, discard the bottom 15% of your business which is taking away most of your time and not really bringing you more opportunities for growth.
  14. Always propose a comprehensive and over budget so that the client will be compelled to meet with you somewhere in the middle and he will paying top buck for your service without him even knowing this. You have to use shock and awe sometimes in this persuasion battle to have your cake and eat it too.
  15. Always focus on improving your services and not problem-solving. Involve your client as much as you can while you go on overhauling his business so that he fully understands and appreciates the true value of services you are rendering.
  16. Try to understand the psychology of your client and determine how many options he is expecting other than you, and then pitch him your best offer. Usually, clueless clients end up paying a lot more.
  17. Keep highly paid employees on your pay-roll, only till they are bringing actual bringing more business to you, rather than just clocking the most amount of hours.
  18. If you are forced to lower your fees, make it a two-way street and lower the service that you are offering the client.
  19. Always be prepared for turning down suspicious businesses which you think might default on payments in the future. Better be safe than sorry.
  20. Always know the market dynamics, industry patterns and especially the current market fee ranges so that you pitch the client an adequate offer at the standard price quoted in the market. Make sure to not charge less, most of your prospective clients will psychologically equate your lower price to the quality of your service. Everyone is bitten by a superiority bug, tap into that and make your own buck.