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Consultant Fees - What is a Consultant Worth? - Page 3


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  Post Number #17  
Old 1st March 2004, 09:41 AM
db's Avatar
db

 
 
Total Posts: 2,590
Quote:
In Reply to Parent Post by Atul Khandekar

What about training business? My observation here is that even though consulting business is in low gear, there is a good market / money for focused training programs on topics such as FMEA, SPC, GD&T, MSA etc.

Also, do we have any Six Sigma Consultants on board? What's the scene like in 6S Consulting?
I would agree. We offer both consulting and training. The consulting daily rate is 1250, and the training rate is based on the length of time. For example, our 3-day TS Internal Auditor class is 695. Our Black Belt is 5800. The seminar classes have picked up rather dramatically, while the consulting end seems to be barely treading water.

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  Post Number #18  
Old 1st March 2004, 10:25 AM
Mike S.

 
 
Total Posts: 2,103
What is a consultant worth? Short answer: Whatever the customer agrees to pay! (I'm a capitalist at heart!)

But that is a wide-open question. Consulting is governed by supply-and-demand as much as anything else -- there are other factors, but S&D is certainly a biggie. While there may be lots of "ISO-9001" consultants out there, there are fewer consultants with expertise, say, in designing space telescopes, or making synthetic diamonds, thus their per-day rates will be much higher.

In the quality tools, quality system, and general "business" training (supervisory training, conflict management, safety, etc.) categories I've seen a day rate range of less than $200/person for attendance at a community college training seminar to $1000/day for an on-site ISO consultant.

In the final analysis, some consultants were "worth" every penny paid plus some, and some weren't worth the waste in personnel time expended even if they had come for free.
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  Post Number #19  
Old 1st March 2004, 10:30 AM
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Randy

 
 
Total Posts: 8,505
How do company's find me?

Hopefully as a nice guy with a good sense of humor.
  Post Number #20  
Old 1st March 2004, 01:58 PM
DannyK

 
 
Total Posts: 666
Companies usually find me by word of mouth. I have excellent relationships with registrars and auditors. Their recommendations carry a lot of weight.
  Post Number #21  
Old 2nd March 2004, 11:36 AM
tomvehoski

 
 
Total Posts: 944
Hello everyone - have not been around here for awhile.

Our consulting business was way down at the end of 2003. I found myself unemployed when my billable time dropped to about 20 hours a month. My biggest problem getting business was my bill rate - I was set at $125/hr, and was constantly being undercut by independents and even MMTC. Even though I had great client references, most potential clients would not justify the added expense.

I interviewed with a couple local firms over the last few months. One was only able to bill about $50/hr for FMEA and process improvement work.

I'm now out of consulting and back in the corporate automotive world, working on TS transitions and process engineering work. I did not see much security out there in the consulting world, especially since my no-compete would make it difficult to do any independent work.

Tom
  Post Number #22  
Old 2nd March 2004, 01:25 PM
Wes Bucey's Avatar
Wes Bucey

 
 
Total Posts: 11,045
Quote:
In Reply to Parent Post by tomvehoski

My biggest problem getting business was my bill rate - I was set at $125/hr, and was constantly being undercut by independents and even MMTC. Even though I had great client references, most potential clients would not justify the added expense.

I interviewed with a couple local firms over the last few months. One was only able to bill about $50/hr for FMEA and process improvement work.
What am I missing here?
There was a period in my life when I was the "expert from afar." I was greedy and charged as much as the market would bear. I traveled with an entourage and billed for them, too, although their real purpose was to give the impression our firm had bench strength.

Despite all that, we were effective because we sold the value added aspect of our service to the guy who had the power to implement our suggestions before we ever gave one suggestion.

Are these prospective clients buying results or hours? Are the consultants selling results or hours?

Forty years ago, my Mentor in sales made the following pronouncements
Quote:
  • People buy benefits, not things.
  • Salespeople should sell benefits, not things (i.e. "holes" not "drill bits")
  • All things considered, a person prefers to buy from a another person he perceives to be a friend.
  • One way to be a friend is to understand what the customer needs and sell him that. (That said, some customers need the ego boost of owning the most expensive thing.)
Every day since then, I see salespeople violate those principles and become "order takers" instead of sellers.

Once a seller becomes an order taker, he is at the mercy of price wars, because he has allowed his product or service to become a commodity. He is no longer selling benefits, he's selling things.

One result is an absolute certainty - when you sell "things," there is always someone who will sell those things cheaper.

Can you perceive a person to be a friend if you don't respect him? Can you respect the guy who says, "I have the same thing, only cheaper."?
Or do you think to yourself, "I wonder who sells it even cheaper?"

Finally, if you don't respect the person, why on earth would you respect the recommendations he makes?
  Post Number #23  
Old 5th March 2004, 07:02 AM
towxg

 
 
Total Posts: 44
The situation in China!!!

The price is between $100~$300/man day!
  Post Number #24  
Old 5th March 2004, 01:27 PM
howste's Avatar
howste

 
 
Total Posts: 4,552
This thread brings to mind one of my favorite quotes:

"If you think it's expensive to hire a professional, try hiring an amateur first"
- Red Adair
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