Time Use Analysis: A Critical Tool for the Independent Consultant

What is it about time? Why are we afraid of it? We avoid it, deny it, surgically remove it, but like it or not, we are all in its grip. As Dylan Thomas pointed out, even as a youth:

Time held me green and dying

Though I sang in my chains like the sea.

Fern Hill  - http://wonderingminstrels.blogspot.ca/1999/07/fern-hill-dylan-thomas.html

So let’s get over our fear and look at time another way. The analysis of time use is a critical tool for the independent consultant. By recording it, tracking it, and studying it, we can capture that sense of self-awareness and craftsmanship so clearly demonstrated in Thomas’s poem.

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Your Daily Rate: A Long Story Short

I was asked the other day to explain in one minute or less how independent consultants determine their daily rate. Okay! The long story short is actually a formula:

Daily Rate = (Salary + Overhead) / Billable days + Profit

But if you are like me, Algebra was a long time ago, so perhaps a longer short story will be more meaningful.

iStock 000011516022XSmall scissors  measuring tapeThere are four important facts you must know to determine your daily rate. To get to that bottom line, some reflection and a few calculations are in order. You need to know the following:

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Turkeys or Troubadours: Pricing Methods for Independent Consultants (Part 2)

The best antidote to a sleepless night is finding the price setting method that works best for you. It is essential that you receive fair compensation for your work so you can stay in business and rove from one successful project to the next, maintaining your independence and building your reputation.

Read more: Turkeys or Troubadours: Pricing Methods for Independent Consultants (Part 2)

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