Business Digest 20072022
On BU$I₦£$$ DIG£$T this morning, July 20, 2022
BEWARE OF TRAINERS, COACHES AND CONSULTANTS Part-3
How do Trainers, Consultants and Coaches charge their fees?
This is one area where there are irregularities and it speaks to the fact that, lack of regulation of the industry is responsible for it.
How best should the charges or fees be fixed?
- Should it be based on the Economy or Location?
- Should it based on the need of the Trainers, Coaches and Consultants?
- Should it be based on the value to be added?
- Should it be based on the overall result to be seen?
- Should it be based on regulatory framework if there is at all?
Industrial Training Funds (ITF) for instance, have their fees for external consultants for various kind of work regardless of who you are. They will spell it out clearly and it is up to you to accept or leave it. Same goes for some NGOs and other Private Organisations. This is where regulation is needed.
Some Trainers, Coaches and Consultants even charge based on the perceived opinion that the client has money to pay, so they hike their fees, regardless of other conditions that maybe at play.
I know professional bodies that have their fee charts and it guides their members.
Sadly many of the Professionals in the industry charge based on their needs to keep funding their lifestyle and come around to brag about it.
For instance a Coach will say his or her 60minutes is $1,000 or ₦500,000 and I ask, what is the basis for charging this? What value will be so evident that within an hour you should be paid that much or what life time value is what you are sharing bring for the person?
Regulation is KEY and it is clearly lacking, but again, alot is these practitioners are broke, handling a project that needs funding, so take advantage of some gullible people who have the money to pay. The question again is, what is fair and just to charge as fee? Regulation would have answered the question.
Again, even where regulation exist and some stick to it, fellow colleagues who are broke accept way less, making it look like you sticking to the standard is too pricey, again regulation is the answer.
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Yours-In-Entrepreneurship
Dr. Emmanuel Idenyi Shaibu
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