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Setting consulting fees based on performance Some clients offer consultants a share of future revenue, profits or commissions, pushing the consultant to a pay for performance model.
Others offer the client a commission. Consulting fees based on performance pose several risks.
It may take months or more to see the results of the work, meaning that the consultant will not see any revenue for a long period, effectively giving the company an interest-free loan. The company may not cooperate with you in implementing your full recommendations, compromising your ability to reach the potential you projected.
Moreover, you may have a hard time checking to see whether the client has manipulated results. Can you be sure that your results are being reported accurately? Most importantly, you shift the focus from high quality planning to short-term gains.
At the very least, seek a base rate plus performance pay or share of ownership. Sticking to contingency and performance-based fees opens a can of worms.
Setting consulting fees strategically using real-life data This strategy involves several steps: Setting a consulting fee based on working days In this calculation, you base your charges on working days per year.
Determining your billable hours as part of your consulting rate As noted above, you have working hours available each year. Considering bad debt rate as part of your consulting fee Despite your best intentions, not all your clients will pay you.
Some will take weeks or months to pay, but a small percentage will never pay the bill. So consider this in setting your fees.
Rate of Pay as Basis for Consulting Fees How much would you earn if you were paid a salary at a company? But most consultants need to allow for:Maryland School Report Cards We are pleased to share the most current information available to help our stakeholders measure student achievement in all 24 districts from year to year.
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