Captain’s log, stardate 20220210
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“How to I keep scope creep within reason on a value priced project?” and more…
In today’s group coaching live session, we had a bunch of good questions that touched on topics like:
- What should I do at the end of a paid coaching call?
- How should I go about renegotiating a fixed price contract if I realize it’s going to take twice as long as estimated?
- At what point is it not worth swapping niches?
- How formal should an agreement be between podcast co-hosts?
- How do you handle a week of vacation when you have active monthly retainer clients?
- How to I keep scope creep within reason on a value priced project?
- How would you value price an engagement that isn’t meant to deliver a financial outcome?
- If I niche down on a specific industry, won’t clients worry about me working with their competitors?
- How should I handle price increases for clients on annual retainers?
- How can I keep my proposals from getting too long?
Plus, I did two very detailed website teardowns this week that were full of good general advice about how to make your website more effective.
Here are just a few of the questions I answered today:
I am contracting with a small consulting firm on a series of 5-week projects. We agreed on a flat fee for each project, and estimated it would take about 42 hours total to complete each project. Unfortunately, the first project took nearly double the amount of time for me to complete. I want to re-visit our agreement for future projects. Curious how you would go about doing that? (timestamp: 18m5s)
I’ve recently been working with a soloist for free while I test a theory, and I’ve gotten them some great results. I’m now looking to test this further with 2-3 more soloists to get case studies and testimonials. This soloist is in a very distinct niche (wedding celebrant), which is entirely different from the current niche I serve (higher education). What would you say are the pros/cons to working with soloists vs. larger institutions? At what point is it not worth swapping niches? (timestamp: 30m26s)
Given that you do a monthly flat fee for consulting services for a customer, how do you handle one week of vacation you want to take? (timestamp: 46m6s)
Talking about scope, I have trouble differentiating between deliverables vs. results delivered in terms of value-based pricing. In my mind, I’d do anything it would take to get the results delivered for our agreed upon price because it’s a true project as opposed to just mere deliverable delivery. Of course then, the scope can grow or shrink quite dramatically. (timestamp: 51m1s)
I had an engagement to help create a content platform for a purpose driven client, where I think I failed to nail the objective in a measurable way. I think the reason is that there is no money to be made but rather the founder is on a mission to help other saas startup founders avoid avoidable mistakes, in other words reduce their risk of failure. How would you approach uncovering a measurable metric from a client for whom it is a very emotional mission? (timestamp: 63m1s)
I have an access retainer offering that often started with a 4 month retainer, and then converts to an additional annual retainer. The annual retainers priced at a discount as I know the client and get an annual commitment. I have a few of these entering renewal stage again. They will likely ask for a lesser access/ and or price. Meanwhile I have since increased my prices on the first 4 month retainer. I want to be careful of my clients - comparing my pricing. Any advice in that regard. (timestamp: 79m12s)
(If you’re curious, you can review the entire list of past questions here)
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