There’s more to a successful contract than getting your timesheets signed on time. If you’re in it for the long term and want to build lasting financial security, then you need to strike a balance between your needs and the needs of your clients. A successful contract should be a definite step forward into a better future for you and your clients and not just a way to pay the bills today.
Deliver
You might be the life and soul of the party. You might charge less than everyone else on the team. But if you aren’t coming up with the goods, your client will soon learn to manage without you. Under promise and over deliver wherever you can, whether with your expertise, skills, or basics like Contractor safety.
Build Your Relationship With The Client
The next most important factor in the success of your contract will be how much trust and respect your client has for you.
Getting that all-important contract renewal or that crucial excellent reference might be a lot easier with a client that you have been having lunch with once a week than with a client who struggles to remember your name. You need to create the impression that you care about your client, and care even more about making the boss look good.
Don’t Charge Too Much
Decisions about who to extend and who to let go often come down to money. Never underestimate the influence that budget can have over these decisions.
You might feel like you’re doing pretty well after your last renegotiation, but long-term success will require a sustainable commercial relationship. If your client can’t afford you, or they don’t think you offer enough value to justify your fees, then you should plan for a short time with them.
Don’t Charge Too Litte
On long-term contracts, you need to earn enough money to make sure that you can stick with the project until the end. You won’t be doing the client any favors if you under-price yourself and increase the odds of getting a better offer from someone else.
How much you charge sends a clear message about how much you think you are worth. If you don’t charge enough, you could up losing the respect of your client and being marginalized into doing parts of the project that are too junior for you, which could hurt your future prospects.
Communicate Your Achievements
Informally communicate your achievements to the client on a regular basis, perhaps over lunch. Occasionally, you can go a step further and put on a show and tell for your client.
Make it tangible and as easy to understand as you can. Let them see where their money went. If you have been delivering, this will help to show off the value that you bring to them. This can be very effective in the weeks before your contract is due to expire. Don’t be afraid to show off what you have done, because nobody is going to do it for you.