Have you got a client that always seems to want a bit extra, and before you know it you’re doing way more than was initially agreed to?
This is called “scope creep” and I’m pretty sure we’ve all experienced it.
So how do you address it?
Tips From The Coalface, May 2016
Have you got a client that always seems to want a bit extra, and before you know it you’re doing way more than was initially agreed to?
This is called “scope creep” and I’m pretty sure we’ve all experienced it.
So how do you address it?
The ideal situation is to spot it as soon as it starts. If a client asks for more than was agreed, you might ask them “What’s your budget for this next piece of work?”, or tell them straight out that “This extra piece will cost £xxx in addition to what was initially agreed. Are you ok with that?”
Handling these situations is just a new muscle you’re going to have to develop if it’s not something you’ve dealt with effectively in the past.
This issue comes up a lot within firms that have an investment-only offering and a sepa-rate full financial planning offering. In the minds of many investment-only clients, asking for an extra piece of information seems pretty harmless. However, as you know, many of these questions form the basis of the broader financial planning process and it’s easy to start providing your broader service at your investment-only price.
The simplest fix of course is to have just one offering, full financial planning. Many firms have chosen that path. However, there are still firms that offer the choice and they’ll need to be keeping a watchful eye out for scope creep.