Place A Value On Your Time

Professionals, ranging from consultants to attorneys, all have one thing in common...monetizing their time. Unlike sellers of physical products, these "knowledge sellers" must account for every minute of billable time, otherwise, they suffer "shrinkage" like the physical product sellers.

One may often hear stories about attorneys being asked for "free advice" by friends, relatives, and casual acquaintances. But the same is also true in the field of consulting, whether it is the local computer expert, medical doctor, or political scientist. The knowledge these individuals have acquired is usually a result of many years of experience, training, and education, and it is not uncommon for someone to have spent hundreds of thousands of dollars pursuing a graduate degree which required more than twenty years in classrooms.

Within our organization, we have hundreds of executives with MBAs and advanced degrees, and a large number of JDs, MDs, and PhDs. Each possesses a particular expertise which may be of tremendous value to our clients in solving complex business challenges.

When prospective clients approach us with a problem, we construct a profile outlining the key problem areas as provided to us. Our next step is to forward this information to our Associates who are available for an engagement, and who have the expertise required.

A brief 15 minute phone call from a prospective client usually requires over 100 man-hours of time on our part to review and respond, due to the size of our organization.

In real time, only a few hours elapse before a qualified response can be provided to the prospect. Once a Letter of Engagement has been executed, we can have our Associate on site within a few days.

Professionals should not underestimate the value of their time, as evidenced by the above real-life example. Other factors can also affect the value of it...specifically, supply and demand. The greater the specialty, often the higher the monetary value. But it has to be of value to the client, no matter what the billable rate might be.