Can you change your price once you have agreed upon a price and invoiced the client? Or Can you go back and ask for more money once you have set the price? YES and NO
I have 2 stories to share and it all comes down to possibly two basic principals with mitigating factors of course. Story one:
This actually happened exactly the same way.
I had done numerous events for both clients. One client was over a year and the other was over 3 years. I had come down to reconciling my invoices and saw I was in complete error on a agreed to price. One was for $2,000.00 on a $56,000.00 order and one for $500.00 on a $5500.00
I found my error and explained what had happened. I explained that I was sorry and asked if they could see clear to help me out?
Both had said…Garth we have seen the care, time and talent you pour into our projects. You bring more than just gear and a bit of talent. You engage full on. They paid the bill. And I thanked them for the value they saw in me and my team. Story number 2:
I went to consult with another business on how to use Social Media and make it impact filled. I quoted a special rate of $149.for one hours consult with audio recording. My rate is $250 per hour normally.
The owner and I had a great chat on the phone and we arranged a meeting at the location.
I had asked Breck Stewart the social media brains of our team to join me. Yes I am witty and creative but Breck is the researcher and more. We attended the meeting and all went well. We were there a bit longer. But all was good.
Breck was to come back with a quote and while we were there we discussed ideas that would be social media savvy and get traction.
After we had left I realized I did not budget this right. I had not factored the time Breck had spent in travel and more to get to the appointment. Simply put the $149 was about $100 short at minimum.
It was my error but I thought I would ask the client to consider to increase the amount by $100 and I also offered him a way to say no without guilt.
I also said that if he engaged Breck to complete the work. Breck would role the $100 out of the pricing.
The client related to my oversight as unfortunate and proceeded to explain that if he did the same in his business it would not work and his clients would not allow him to do it.
So the answer is NO.
That’s cool I accept that.
The difference in the outcomes between story number 1 and 2. Is perception of value. Story number 1 had seen it felt it benefited from the value I deliver. Story 2 has only heard me speak.
A story always teaches and leaves clues. Look for it search for it. Embrace it.
Thanks for the reminder cast members in both stories.
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