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High Impact Fee Negotiation and Management for Professionals

Book Description

With increasing pressure on margins, growing international competition and a rise in tough procurement practices, the pressure on professional service firms (PSFs) and their professionals has never been higher. If you want to be able to charge the fees you know reflect the value you bring, you need the high impact, practical guidance that this book offers. Learn how to apply a powerful, consistent approach to make sure the 'golden triangle' of setting the price, getting the price and keeping the price works in your favour. Develop a strategy to enhance the profitability of your engagements through pricing, fee structuring, scoping, and negotiating. Understand the key steps management need to take to embed supporting processes and the appropriate culture. Expert negotiator, PSF consultant and trainer Ori Wiener's invaluable guide gives you the skills, tips and techniques that have been proven to deliver results.

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Contents
  5. Acknowledgements
  6. Introduction
    1. The rising importance of fee management
    2. Joining the dots – the ‘golden triangle’
    3. The world of PSFs is changing
    4. Structure of the book
  7. 01: What is different about buying professional services?
    1. The implications for fee management and fee negotiation
  8. 02: Why professional service firms are different
    1. What are professional service firms?
    2. Why professional service fees are different
    3. Challenges of pricing a service
    4. Impact and importance of strategy, market position and business development
    5. Navigating the golden triangle for greater profitability
  9. 03: The challenge of pricing PSF work
    1. The basic challenge of pricing PSF work – intangibility
    2. Theory of value/price
    3. Determining value
    4. Moving from value to price
    5. Pricing as a jigsaw puzzle
  10. 04: Generating value with fee structures
    1. The structure menu
    2. The persistence of time-based rates
  11. 05: How to deal with procurement – the importance of scope
    1. Is procurement really the enemy?
    2. Understanding procurement
    3. Dealing with procurement – effective counter-tactics
    4. Why scope matters
    5. Scope management techniques
  12. 06: Raising the institutional game
    1. Key elements
    2. Motivation
  13. 07: Preparing for fee negotiations
    1. General mindset
    2. Assumptions and inner saboteurs
    3. When to negotiate
  14. 08: Critical first steps: planning
    1. Understanding all relevant issues and influencing factors
    2. Determining potential negotiation items – clarifying what can be negotiated
    3. Pre-negotiation activities
    4. Information gathering and information strategy
    5. Veto setting
    6. Target setting
    7. Importance of ambition
  15. 09: How to raise your negotiation success: deliver a credible opening
    1. Structure of a negotiation
    2. Act 1: Finding the gap
  16. 10: Act 2: Managing the flow of concessions to capture value
    1. The rules
  17. 11: Act 3: Locking in gains through effective closing
    1. Techniques
  18. 12: Creativity – the ultimate negotiation skill
    1. Benefits of using creativity
    2. Barriers to creative negotiation
    3. Sources of creativity
    4. Methods and techniques to facilitate creativity
  19. 13: Having another go at squeezing the lemon: advanced techniques and approaches
    1. Manipulative Tactics
    2. Advanced techniques
  20. 14: Managing a PSF project profitability
    1. The second golden triangle
    2. Manage the client
    3. Manage the timetable
    4. Manage the team
    5. Manage yourself
    6. Manage the process
    7. Applying the RULES of PSF projects
  21. Summary
    1. Change is upon professional services firms
    2. Change is hard but easier than it at first appears
    3. References
  22. Index