What should you consider when determining billing rates? Find out how to take into account billable, non billable hours, rush fees, and more.
The two words that can make anyone squeamish. Visions of blurry numbers and snippets of old advice merge together into a traumatic reel.
When it comes to calculating billing rates, hourly rates have conventionally been determined to be 3x or 4x wages. Now that's quite a wide span, which makes it difficult to predict profitability accurately.
There are plenty of other issues with the lax way managers try to make...
Balancing billable and non-billable hours is a constant challenge for agencies, consultants, and contractors. Clearly, companies and teams want to bill as many hours as possible, but one of the most effective ways to get new clients — and more hours — is to do more of non-billable work: marketing, internal branding, recruiting, etc.
The goal is to generate enough billable hours, and charge enough for them, to cover your non-billable activity.
This, of course, is easier said...
If managing employee utilization is all about making sure employees are working enough billable hours, how are you supposed to assess non-billable work?
While non-billable hours do not directly generate revenue, certain types of non-billable work are critical to ensuring an organization's growth and survival.Recruiting
Searching for and interviewing quality candidates can be challenging for a business of any size. But if you’re going to grow, you’ll need to bring new talent onto your team. These potential...
If you're an agency, designer, consultant, or almost any type of professional, it's nearly impossible to perform work that is fast, cheap, and high quality. At best, you can only offer two of three.
The team at Fuze Branding does a nice job of explaining this concept:
Here's the catch: When you accept a request to complete a project on a tight timeline ("we needed this yesterday!"), you still need...