Jul 22 in Fractional Affairs & Insights
BIG Question... Who is billing hourly?
Please don't do that. That's a terrible way to run your fractional business. You are reducing yourself to being treated like an hourly employee who gets micro managed over every second of time and dollar charged. Your expertise has value and being the seasoned professional that you are, you are capable of getting more done faster than anyone junior, so why punish yourself for being efficient?
Think in terms of project fees and charging for outcomes, not time. It costs $x to achieve y-outcome. It will take approximately 6 months to achieve this. Payment is due in advance. Break payments up into 2 or 3 chunks over several weeks. Get paid for your work first. Consider combining a pay for performance arrangement with your project fee. It creates trust. NEVER use retainers or charge for blocks of time.
If the business owner knows that your services will cost them 10K per month, then they can budget for that. If the rate is always changing and you have to keep track of and justify your time, then you will end up with a major headache.
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BIG Question... Who is billing hourly?
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