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Important Sales Benchmark for Your Consulting Firm

David A Fields

Based on data collected from lead generation firms and shared with us by hundreds of consulting firms, one sales benchmark, in particular, warrants your attention: the likelihood of cold, outbound lead generation (or, similarly, advertising) to result in a project for your consulting firm. Fields Consulting Group.

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The Benchmark That Builds Consulting Businesses

David A Fields

Consultants often look at benchmarks to gauge their recent performance. Those are internal benchmarks. [ Many readers know that I’m 6’1″ tall… if my posture is perfect, I think tall thoughts and I stand on two tins of homemade, coconut dream bars. Is that tall? [ ]

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Figuring Out Your Billing Rate as an Independent Consultant

Successful Independent Consulting

Most consultants tend to use an hourly rate anyway, because it’s the easiest to figure out, there’s less risk of undercharging, and it’s what most clients are used to. Other tips: Benchmark your rate to increase your confidence. Do an internet search such as “typical hourly rate for change management consultant in [your location].”

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How and When to Raise Your Consulting Rate

Successful Independent Consulting

Third, do some market-rate benchmarking to learn what other consultants are charging, or what clients are paying. Try doing a quick survey of similar consultants you know (maybe ask them to select from list of price ranges). Or search the internet: for example, “typical consultant rate for organizational design in San Francisco.”

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Now Is the Best Time to Raise Your Rates

Successful Independent Consulting

Do some market-rate benchmarking to learn what other consultants are charging, or what clients are paying. Try doing a quick survey of similar consultants you know (maybe ask them to select from list of price ranges). As a consultant and solopreneur, how does your rate measure up against other services like accounting?

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Management Consulting versus Investment Banking

Management Consulted

Banking salaries average 50-100% higher than consulting salaries , with the difference increasingly significant as your seniority increases. Consulting compensates with perks that banking does not offer – from better travel allowances to more generous health and retirement packages. 2 LIFESTYLE.

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Quote Your Consulting Billing Rate with Confidence

Successful Independent Consulting

It takes practice to quote your consulting billing rate with confidence. Benchmark so you know your rate is reasonable. Talk with other consultants, do a web search on typical management consulting rates in your city or state, and/or try converting your employee salary to an hourly rate. There are lots of ways to do this.