"What Will It Cost?" The Question Professionals Dread

"What will it cost?" is the question lawyers, consultants, and financial professionals dread the most. Here's how to close more business at higher rates.

The first thing is to break the bond between billable hours and impact on the client's business.

Next, understand what your client is trying to accomplish. Not what is on your invoice. It’s not drafting a contract or an audit of financial statements. Your services are a means to an end for your client. They pay you for an audit because a bank or investor demands that your finances are as represented.

The impact of your work on their business typically dwarfs your fee. This is a conversation THEY want to have.

Transform Your Fee into an Investment

Your hourly fee seems like a lot of money to your prospect. The same fee magically becomes a wise investment when the reference point is your impact on their business.

Focusing on the impact of your work is something everyone at your firm should be doing. The conversation with the client shifts from "What will it cost?" to "What will I get?"

A lot of my professional firm clients find a different frame of reference for their value lets them charge higher fees while getting less push back. Their clients are writing larger checks with bigger smiles on their faces.