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Making it Up or Marking Up?

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If you have been responsible for managing a project, production or an event; the dilemma of what to charge your client is sure to be a part of the planning. Costs and margins need to be considered. You need to research and understand what is standard pricing in your industry. When creating standards for mark-ups it is also a good idea to consider how best to inform your client of what services include additional fees. Strategic communication is often the difference between a one -time project/sale and a lifetime relationship with a client with opportunity for multiple sales. Here are a couple of points to consider:

  1. Transparency Builds Trust – Take the time to include line item details on a spreadsheet so your client knows exactly what things cost.
  2. Your Time/Their Money – Project management is time consuming. Dealing with vendors, talent, quality control and organizing timelines and deliveries takes a lot time and there are always unexpected issues that pop up along the way. You may decide to charge a project management fee or bill for time by marking up individual items you are managing. Be prepared to communicate clearly with your client so they can be confident you are spending their money as if it was your own.
  3. Transactional vs. Relational – There is one thing you can do that will benefit yourself and your client every time and that is THINK MUTUAL. Don’t just think about the work or project think about the people and businesses that are involved.  Take the time to get to know your client and their needs. Plan as if you are going to be a part of their future. This thoughtfulness opens the door for future business and referrals.

By Stephanie Michele from SocialBling

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