Not many of us (except probably a recent former U.S. President) like talking about money – especially when we have to state the expected cost of our advice to clients.
When clients ask us what our advice will cost, the temptation is to exhibit the body language of the unconfident and mumble. However, and assuming you know your stuff, clients are getting tremendous value and you (and they) should remember that. Your expertise has taken many years to acquire, you have the scars to prove it and is distilled for their immediate benefit. They are getting the ‘essence of you’.
Picasso knew this and there is a famous story that illustrates it. The tale goes that the maestro was lunching in New York. He was interrupted by an admirer (with money) who asked if he was available to paint their portrait. Picasso whipped out a serviette from by the side of his plate and in pencil sketched the person in a few seconds. “There”, he said, “that will be 5,000 francs”. Shocked, the subject responded that it was an outrageous amount of money for something that took only 30 seconds. “Madam, it took me my whole life” was his response.
Insight to action: Picasso had a point, but I recognise that it is more difficult to apply the approach unless your advice is something that you can frame (and thus sell to others in the future). However, if you focus on adding value at every interaction and keep a note of where this has been possible, then you will feel more confident to pull your shoulders back, hold your head up high and get the value you deserve when you have to name your price. Remember, you are worth it and if you don’t believe it, no one else will.
