Summary
Expect to learn how continuous learning is essential in alternative fee arrangement models, as it promotes system improvement, encourages commenting and information sharing. At AltFee we emphasize the mindset of action, learning, recalibration, and debriefing to enhance profitability and create a conducive work environment.
3 Key Takeaways from this Video
- Continuous learning: Foster a mindset of taking action, learning from that action, and then recalibrating to continuously learn.
- Comment and share information: Add comments and information to pricing projects, as it allows for future learning and adjustments.
- Conduct valuable debriefings: Debrief at the end of projects to assess what worked, what didn't work, and make the necessary adjustments to guidelines and base amounts.
Transcript
0:07 Continuous learning is key to not billing by the hour because you can't just keep showing up, keep recording time and keep expecting clients to pay for that time.
0:21 It's very focused on systems and systems only become better over time. In any type of system, it doesn't come off the shelf just perfect, it has to be continuously improved.
0:34 One of the things that you can do in AltFee is as a person that's added as a member to the pricing is make sure you're commenting.
0:44 Make sure you get the information in there and the thinking as to why a particular project has been priced a certain way because what will happen is you will go back and you will look at previous projects that were similar that were priced.
0:59 Make sure you're catching things. You want to make sure that you're catching all the earnings that are going on whether it's at the pricing point, whether it's something that happens through the file.
1:11 When you bill by the hour, it's mostly about working on files for clients, putting in time, having an hourly rate, doing the multiplication and telling the clients how much they owe and taking on the next project.
1:27 In an alternative fee arrangement scenario, you really have to have a mindset of continuous learning. The way I like to express that is action, learning, recalibration, action, rinse and repeat.
1:46 So a mentality where you never have it right. It's never perfect. In fact, it's interesting as an expression, perfection. We aspire to it.
2:00 We admire it, but we don't require it because there is no such thing. That sort of continuous learning mentality is really important.
2:10 AltFees set up perfectly for that because you're added as a member to a project. You're right away encouraged by the system to add on comments.
2:23 Those comments stay there for the future and to learn from, and so It's an asynchronistic way where people can comment in and it's all collected within one area.
2:38 Another really valuable step is to debrief at the end. Take a moment, get the team together. What work, what didn't work, what did we learn, how should the guideline be adjusted, how should the base amount be adjusted, but take that 10 minutes to debrief and to adjust what you've already done.
3:01 So, continuous learning, it's got to be deep within your DNA and if it is, you'll build systems and you'll become more profitable and you'll have a better environment to work.