March 13, 2023
How To Think About Your Time
NOTE: Lessons for The Pricing Seminar started today, but it’s not too late to join us. If you’re ready to start getting paid what you’re worth, registration closes tonight at 11:59pm ET. ENROLL NOW »
This week on TBOA, Rochelle and I discuss how to think about your time... i.e., how to spend it, and how to value it.
Talking Points
Why time is a cost when you’re selling expertise, but doesn’t need to factor directly into your pricing strategy.
When to track your time—and what to do with what you learn.
Evaluating the quality of the time, you’re spending on client work—your personal happiness factor.
Negotiating with contractors for non-time-based fees on joint projects (and one cautionary tale).
Quotable Quotes
“It (time) is our cost, right? So you can’t just ignore your costs, but you don’t want to be setting your price based on your cost. You want to set your prices based on the value.”—JS
“You probably won’t pay so much attention to your time unless something starts to feel off. Your spidey sense will start tingling when things are going off the rails.”—RM
“What’s the point of tracking all your time if you’re not going to use it to make a decision?”—JS
“Client profile “A” gets a yes—I’m happy to work with you. Here’s the price. Let’s go. Client “B” gets an eh. I don’t think we’re a fit.”—RM
“Once you’re good at what you do, billing for your time is leaving money on the table.”—JS
“I would negotiate a price with the consultant to do Project X as we define it together—then I don’t care how many hours they work.”—RM
“The billable hour concept infects an entire organization.”—JS
“How can I make the hours that I’m spending on work happier? How can I just enjoy this more? Because that’s the freedom that we get as soloists—we get to create our own reality.”—RM
Sharing is caring!
If you enjoyed this episode, please consider sharing it with a few friends who might find it useful. Thanks!
Yours,
—J
P.S. Lessons for The Pricing Seminar started today, but it’s not too late to join us.
If you’re ready to stop billing and start pricing, registration closes tonight at 11:59pm ET.
I hope to see you there!