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Actual for You - Management Consultant Asks: Why Aren't You Earning Residual Income?
This month we discuss what so many professionals miss with their prospects and that often cause surprises after the project has started. It is discussing the pains of change with clients. The problem is that very often clients invite your to their sinking ships hoping that you get their sinking ships into smooth cruising mode again within a day or two, and often for a competitive(ly low) fee.And when th
They believe, of course, that if they pay only for time, they’ll reap the benefit of his expertise, for less.
But even if they traded dollars, or if they saved money his way, they’d prefer to do it theirs, which is the traditional way.
When it comes to compensation, tradition dies hard.
But there is hope, if you’re creative, diligent, talented, and they need you.
Check out the movie, “Ray,” about the life of the great singer, Ray Charles. Y
Printing can be defined as a process of producing texts and images, typically with ink and paper by a printing press. Printing is an essential part of any publishing business and is often carried out as a large-scale industrial process. Printing as a technology has come a long way and has improved with time. The advancements have resulted in the development of various types of printing techniques. From the several te
MY COMPENSATION IS ENTIRELY ARBITRARY!
For example, let’s say you write computer programs for a software company that packages your “code” into products that it sells to customers.
You will probably be paid a salary, perhaps earn an annual bonus, and accrue some vacation time. You may also get some benefits, including a partially paid health plan.
All of this seems so normal, so typical that you never question this menu of dollars and perks. Sure, you may want a greater helping of salary, but still, as long as there is a salary and a few other goodies, you’re set.
But what if one of your software programs really takes off in the marketplace?
Will you be entitled to receive royalties from it, have any ongoing equity interest in it, or ever be able to claim a bigger desk, a reserved parking space, or any material advantage from its performance?
The short answer is “no.”
If you ask your company about it, they may smirk or laugh or just look at you as if you’re nuts and say, in a conclusive, parental monotone: “We don’t do that.”
They won’t say WHY they don’t do it, because they probably haven’t thought it through.
In fact, paying you royalties or a residual income may be in their interest, it may spawn innovation, create that extra spark of incentive to attract and retain the very best designers.
How, then do companies decide what they’re going to pay?
MONKEY-SEE, MONKEY-DO!
They imitate each other. Some call it benchmarking, others conduct salary surveys, but the net of it is the same. They mirror each other.
Breaking the paradigm is difficult, once it has been established.
Let me give you an example.
One of my clients is a consultant who shows his clients how to save money on their printed advertising. Specifically, he knows how to tweak ads so they can be smaller, cost less, but yield better results than large ads.
He charges a percentage of the savings he’s able to generate, which seems very reasonable, right?
If he doesn’t save them money or improve the ads, they don’t pay. Only if they get results do they have to pay.
What can be sweeter?
But he has found that is not the way his clients want to pay. They prefer paying him for his TIME, which is the way the great majority of consultants bill their clients.
They believe, of course, that if they pay only for time, they’ll reap the benefit of his expertise, for less.
But even if they traded dollars, or if they saved money his way, they’d prefer to do it theirs, which is the traditional way.
When it comes to compensation, tradition dies hard.
But there is hope, if you’re creative, diligent, talented, and they need you.
Check out the movie, “Ray,” about the life of the great singer, Ray Charles. Yo
The old saying that love makes you do the craziest things is absolutely true. But in the case of Melkon Khosrovian, love drove him to make vodka for the woman he loves. You see Melkon, who is of Armenian descent has traditionally enjoyed eating meals with his family, sipping vodka along with spicy grilled meats and Mediterranean salads.However, his wife Litty, who is of Indian (South Asian) descent, is a wine
But what if one of your software programs really takes off in the marketplace?
Will you be entitled to receive royalties from it, have any ongoing equity interest in it, or ever be able to claim a bigger desk, a reserved parking space, or any material advantage from its performance?
The short answer is “no.”
If you ask your company about it, they may smirk or laugh or just look at you as if you’re nuts and say, in a conclusive, parental monotone: “We don’t do that.”
They won’t say WHY they don’t do it, because they probably haven’t thought it through.
In fact, paying you royalties or a residual income may be in their interest, it may spawn innovation, create that extra spark of incentive to attract and retain the very best designers.
How, then do companies decide what they’re going to pay?
MONKEY-SEE, MONKEY-DO!
They imitate each other. Some call it benchmarking, others conduct salary surveys, but the net of it is the same. They mirror each other.
Breaking the paradigm is difficult, once it has been established.
Let me give you an example.
One of my clients is a consultant who shows his clients how to save money on their printed advertising. Specifically, he knows how to tweak ads so they can be smaller, cost less, but yield better results than large ads.
He charges a percentage of the savings he’s able to generate, which seems very reasonable, right?
If he doesn’t save them money or improve the ads, they don’t pay. Only if they get results do they have to pay.
What can be sweeter?
But he has found that is not the way his clients want to pay. They prefer paying him for his TIME, which is the way the great majority of consultants bill their clients.
They believe, of course, that if they pay only for time, they’ll reap the benefit of his expertise, for less.
But even if they traded dollars, or if they saved money his way, they’d prefer to do it theirs, which is the traditional way.
When it comes to compensation, tradition dies hard.
But there is hope, if you’re creative, diligent, talented, and they need you.
Check out the movie, “Ray,” about the life of the great singer, Ray Charles. Y
Nowadays it is very easy to find a customer service job in almost each and every field in the market. All types of companies, offices (small or big), professional’s etc. require customer service people to assist their customers and provide good service to maintain their business. Different customer service positions can be seen anywhere whether it is a salesgirl in clothing store or it’s a guy at the McDonald's windo
They won’t say WHY they don’t do it, because they probably haven’t thought it through.
In fact, paying you royalties or a residual income may be in their interest, it may spawn innovation, create that extra spark of incentive to attract and retain the very best designers.
How, then do companies decide what they’re going to pay?
MONKEY-SEE, MONKEY-DO!
They imitate each other. Some call it benchmarking, others conduct salary surveys, but the net of it is the same. They mirror each other.
Breaking the paradigm is difficult, once it has been established.
Let me give you an example.
One of my clients is a consultant who shows his clients how to save money on their printed advertising. Specifically, he knows how to tweak ads so they can be smaller, cost less, but yield better results than large ads.
He charges a percentage of the savings he’s able to generate, which seems very reasonable, right?
If he doesn’t save them money or improve the ads, they don’t pay. Only if they get results do they have to pay.
What can be sweeter?
But he has found that is not the way his clients want to pay. They prefer paying him for his TIME, which is the way the great majority of consultants bill their clients.
They believe, of course, that if they pay only for time, they’ll reap the benefit of his expertise, for less.
But even if they traded dollars, or if they saved money his way, they’d prefer to do it theirs, which is the traditional way.
When it comes to compensation, tradition dies hard.
But there is hope, if you’re creative, diligent, talented, and they need you.
Check out the movie, “Ray,” about the life of the great singer, Ray Charles. Y
What evidence is there of your agreement to deliver goods/services and your client's agreement to pay?When your client's account becomes past due and they suddenly develop amnesia relating to your agreement, what would you have to support your case? You may have anything from a 5 page signed agreement that would make any attorney feel they'd earned their fee, to an invoice noting payment terms, to a se
Let me give you an example.
One of my clients is a consultant who shows his clients how to save money on their printed advertising. Specifically, he knows how to tweak ads so they can be smaller, cost less, but yield better results than large ads.
He charges a percentage of the savings he’s able to generate, which seems very reasonable, right?
If he doesn’t save them money or improve the ads, they don’t pay. Only if they get results do they have to pay.
What can be sweeter?
But he has found that is not the way his clients want to pay. They prefer paying him for his TIME, which is the way the great majority of consultants bill their clients.
They believe, of course, that if they pay only for time, they’ll reap the benefit of his expertise, for less.
But even if they traded dollars, or if they saved money his way, they’d prefer to do it theirs, which is the traditional way.
When it comes to compensation, tradition dies hard.
But there is hope, if you’re creative, diligent, talented, and they need you.
Check out the movie, “Ray,” about the life of the great singer, Ray Charles. Y
Career Choices: changing trends in careers and jobsBPO Industry a hot seat for many young people!There has been growing awareness about the changing trends in today’s fast-paced and exciting world for the youth venturing out to earn a living and gain worthwhile experience while balancing personal interests. The BPO (Business Process Outsourcing) boom is the Indian youth’s newest mantra, as it allows for
They believe, of course, that if they pay only for time, they’ll reap the benefit of his expertise, for less.
But even if they traded dollars, or if they saved money his way, they’d prefer to do it theirs, which is the traditional way.
When it comes to compensation, tradition dies hard.
But there is hope, if you’re creative, diligent, talented, and they need you.
Check out the movie, “Ray,” about the life of the great singer, Ray Charles. You’ll probably like the music, but listen for the part when he insists in his contract negotiations that he “own” the rights to the masters of his recordings.
They’ll tell him it’s unprecedented, but finally, they’ll yield.
To borrow a phrase, when it comes to compensation, you don’t get what you deserve.
You get what you negotiate, and they won’t break with tradition, unless and until you do!
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