Moving to a fee-for-service business requires a business evolution — not just changing a payment methodology. A fee-for-service model has to put as much emphasis on service as it does on fees. Charging fees without providing quality service simply will not work. Also, replacing commissions with fees and making no other change to the way the business operates can only be a disaster.
By refocusing your business, setting expectations with clients, and putting emphasis on service, the opportunities for success are limitless. Read my full article on this topic in the November/December issue of Round the Table, “Service for a Fee.” In it, I outline important items to consider when building a fee-based practice, and the necessity of great service as the basis for success. You may also access the full manuscript of my presentation at the 2009 MDRT Annual Meeting here.
