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(The Coffee Shop Chronicles, Part 1)
Coffee time! That wonderful fall energy echoes in the coffee shop buzz as thoughts of back to work come to mind. As I order a latte, I hear a familiar voice. It’s George, a university colleague who did the stats for me on several evaluation projects a few years ago.
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.
Read more: Time Use Analysis: A Critical Tool for the Independent Consultant
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.
There 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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