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Title: |
Setting the Hourly Rates for a Consulting Firm |
| Field: |
Business Consulting / Consultant |
| Category: |
Financial Consultant |
Skills
Required: |
financial consultant. Setting the Hourly Rates to Charge Out Clients |
Freelancer
from: |
Anywhere, Agra, Ahmedabad, Aurangabad, Allahabad, Amritsar, Bareilly, Bangalore, Chennai, Delhi, Hyderabad, Indore, Jabalpur, Kolkata, Mumbai - Anywhere, Nagpur, Pune, Surat |
Type
of Work: |
. Job is Offsite and Work can be done from Anywhere. |
Remuneration
Offered: |
$ Per Assignment. Duration 2 days |
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More
Details about Project
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We are a consulting firm with 13 consultants (employees). I want to determine the hourly rate for each of them based on several factors, including:1. Employee salary
2. Employee experience
3. Indirect business costs/Overheads (rental, services, etc.)
4 . Profit margin
5. Factors you add from your experience that we should consider when determining the hourly rate. Please note that experience is not indirectly taken care of through salaries as there are other factors in determining salaries. So, both factors (i.e., salary and experience) must be considered in setting the hourly rate of each consultant. We must consider utilizations. Each consultant has a percentage that is determined each year, and it represents the time the consultant spends working for clients matters; the rest are administrative or business development functions.
I think the consultant cost/salary, which represents the work not allocated to clients, should be carried over automatically to the overhead to be accounted for.
Also, we want a fair formula to set a blended hourly rate for 1. all consultants 2. and for each level (i.e., partner, associates, etc.)
We expect an excel file with the equations; as we enter the required inputs, the hourly rate for each and blended hourly rates are calculated.
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