Tim, a fellow consultant, explained he'd taken a transatlantic flight to deliver a keynote at a conference.
I asked, “How was the business class on that airline?”
He said, “I don't know, I flew coach.”
It was at least a nine-hour flight for him. Surprised, I asked, “Why?”
“The conference told me they could not afford business-class airfare.”
I did not understand why Tim chose to optimize the client's expenses over his well-being and ability to deliver his best work. I suspect he hadn't considered how to frame the cost vs. value discussion.
Review the Difference Between Cost and Value
Airfares are unpredictable at best. But let's discuss this: some real data from one of my most recent trips. It was $750 to fly coach. Just under $5000 to fly business. The difference? Just over $4,000.
What was the attendee registration for the conference? $750.
All the conference had to know was this: Could I attract six additional people to the conference? That was my value to them. If so, they would break even on the cost of my airfare. If not? Then why would they invite me? (I might offer different value, such as value to their senior leaders, etc.)
If we always frame the payment in terms of costs, we're back to time and materials as a way to judge the consultant's value. That's always a losing proposition for everyone involved.
However, the conference might offer you a different value than just money.
What Value Will You Gain From This Work?
In the (distant) past, I have spoken at conferences that did not pay me. (Yes, these conferences charged over $1000 for the attendees.) The first time I spoke for free was because I had no idea conferences paid speakers. That was the last time I spoke for those people. Why would I speak for people who did not offer me what they offered other speakers?
But once I spoke at a conference because a potential client wanted to meet with me. The conference was three months away. The execs were crazy-busy and “knew” they could not manage a meeting until then. (This is before Skype, never mind Zoom.)
I spoke at that conference and landed a couple of small consulting engagements. In addition, many people signed up for my newsletter. That offered significant value to me.
Even better, I met with the senior execs at that potential client. We agreed on a multi-month executive coaching agreement. And over the years, I did more work for them.
That “free” talk more than paid for itself because I gained significant value. (I'm not sure Tim gained that kind of value from his specific conference.) Since that was a domestic conference, I did not need to fly business class. But I did arrive a day early, so I was ready for the client meetings.
When flying, especially overseas, consultants owe it to themselves to take care of themselves first, so they can do their best work.
Take Care of Yourself First for Your Ability to Work
Consultants have to work “in” the business as well as work “on” the business. “In” the business is the speaking, the creation of more intellectual property. “On” the business is how we take care of ourselves so we can deliver our best work.
That's why I insist on business class airfare if I have to travel overseas to speak or work. I happen to have a few more physical challenges than most people. But all consultants need to stay healthy when they travel and when they don't.
Can you stay healthy if you have cramped travel for nine (or more) hours, and you have several hours of timezone change, and you “work” as soon as you land? Most of us cannot.
Instead, most of us need some sleep on the plane. In addition, if you travel business class, you can often go through immigration and customs in a different and faster line. That allows you to get to the ground transport faster, which means you get to the hotel faster.
All of that speed matters because you face less emotional and physical stress after a physically stressful flight.
Business class is never about the food and drink. Instead, it's about your ability to acclimate and then work when you land. Maybe not right away when you land, but certainly the next day.
Assess your costs and your value when you choose to speak.
Both Cost and Value Matter
Tim chose to optimize the conference's expenses, not his ability to work. That's an example of cost-based thinking. Worse, the conference did, too.
But cost-based thinking is not sufficient. Consultants and speakers offer tremendous value.
When consultants think about their ability to work, they often realize they can make a case for the client to spend a little more on expenses. That creates a win-win relationship for everyone.
Learn from Tim's example. Carefully consider which conferences you want to speak at. Does the conference also offer you value? How much value do you offer the conference? Can you explain your value so the client can manage their expenses and pay you a reasonable honorarium and travel?
Don't shortchange yourself, the conference, or a client. Determine the value of this opportunity for you. And assess your value to the conference or the client. Then, choose how you want to travel.
Ask for what you want. You might not get it, which means you can decide if this conference or opportunity is worth it to you. On the other hand, if you don't ask, you will never get it.
This is one of the posts in the intermittent series of Consulting Tips.
(See Successful Independent Consulting for a more in-depth discussion of costs and value. Also see Effective Public Speaking, specifically around conference decisions.)