Outer game vs. Inner game
I was rapping with one of the Recruitment/Search Biz owners we helped with about fee increases the other day…
One of my favourite topics and in my experience (30 odd years in recruitment and 10+ years working with Recruitment business owners specifically on their client attraction and sales process)... It's hands down the quickest way to increase revenue…
I've seen countless average businesses turn into profit machines overnight because they fix their pricing… And also seen experienced and skilled recruiters struggle for no other reason than their fees being too low…
So when I say your fee is essential, I mean chances are increasing them, AND finding clients willing to pay can hand you your dream business on a plate and eliminate 90% of your headaches…
Most Recruitment and Search Business Owners think increasing their fee is about saying a higher fee next time you speak with a potential client…
Say, for example, if today your fee is 25%, the next meeting you pitch it's 30%, pray the client agrees, and hey presto, you're done…
This is maybe half true…
I call this your outer game because you need the guts to ask for a higher fee to get a higher fee… That's a given…
But the real test is your inner game…
Because a fee increase isn't only about increasing the number you verbally ask for…
It's also about increasing the minimum number you accept…
You see, everyone has a minimum fee they need to even get out of bed…
Let's say for you it's 20%...
In sales meetings, you ask for 25%, but if the client pushes back deep down, you know you'll drop to 20% and be relatively happy…
Increasing the fee you ask for doesn't mean anything unless you also increase the minimum fee you'll accept…
So if you ask for 30% but would still be happy with 20% when the client pushes back, then sure, you'll maybe get lucky with a few clients and get the 30% you want...
But the impact on your business will be severely reduced because you'll still be taking on 20% fees too…
It's about standards…. And it's as much about mindset as it is about strategy…
The majority of the time, when Recruitment and Search Business Owners say things like, "My clients won't pay a higher fee" the reality of the matter is, it's THEM who is unwilling to walk away from a low fee…
How can you expect to negotiate what you want when you're still willing to tolerate less?
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Until then...
Take care, take action, and be relentless...
