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TAKE ACTION Myths About Your Clients.(A)(IBD 10 SECRETS TO SUCCESS)
Byline: Cord Cooper
3Tough times can produce wrong assumptions about client relationships. Those assumptions can form myths that hold us back, says business strategist Andrew Sobel.
Among the more common myths?
** I need to cut prices to attract business. Clients don't pay more than your standard price in good times, so don't discount fees when times are bad, Sobel writes in "Making Rain."
Cut prices now and you'll have difficulty raising them later. Instead, be flexible on delivery and payment.
Terms could include "breaking a large project down into pieces, which can be decided on and paid for as the work progresses; agreeing to delay some of the invoicing so it falls in the next budgeting period; and offering value-added services" at no charge, he said.
The end game: Whenever you grant a concession, make sure you get one in return.
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