32-the-milestone-issue

Paying For Expertise, Not Time

Francis King

Should you be paying for time, expertise, or both? It’s easy to look at something and underestimate the amount of resources (whether they are financial, skill-based, etc.) it takes to complete a project.

From time-to-time, there will be a need to outsource work for your business. Outside expertise gives businesses the opportunity to gain insight into their operation that would not be found in-house. This could be for a variety of reasons, for example, having a small team, an absence of expertise in one area, or pivoting into a direction that requires external assistance. At some point, this becomes an instrumental part of an expansion. It’s also a great way to create long-term relationships with professionals in fields that can assist in future growth.

Appreciating expertise is something some businesses struggle with because of the price associated with consultants and freelancers. Many come with a high price tag that is either justified by years of success or by the technical nature of their field. But sometimes, it seems as though it’s a hefty fee paid for a short amount of time and a relatively little amount of work, especially when there are others who charge less. How does anyone know if they are getting their money’s worth?

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The gig economy has been tarnished by the rising demands for services and the increased wave of self-declared experts willing to prove their worth by undervaluing themselves. It’s counterproductive for individuals to reduce their value to attract more work because it attracts clients who don’t value your expertise, but it’s done with the idea of remaining competitive in a cramped space. Varying price tags and wide selection makes things difficult for a business that wants to find the perfect fit.

The right fit won’t lead with their price tag, but with their value. This means giving you a clear idea of the results to expect and showing a portfolio of evidence. Examine claims with scrutiny to see what makes sense to you. It’s quite easy to catch someone in a bluff if they seem too good to be true because they usually are. Stay away from those who promise the moon and the stars. Goals and expectations should always be rooted in reality.

A vetting process should be established to ensure that all parties involved understand the full nature of the upcoming project. Getting everyone on the same page is the first step. The next step is about building trust to understand what makes someone the best fit. Ask questions and don’t be distracted by industry jargon and technical language. Do your due diligence.



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