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Managing a Business that Sells Only Hours

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Jeremiah Josey
Jeremiah Josey

Describes in step-by-step process how to measure and display the key business indicators in a consulting business - when you sell time. It ensures always making a profit, or at least being conscious of decisions taken on proposals. It is a graphical solution, easily understood by non-business savvy middle management, and promoted technical performers. Advising business: www.JeremiahJosey.com

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How to Make Money When Selling Your Time A perspective on consulting in today's profit and cost conscious consulting market Presentation by Jeremiah Josey www.JeremiahJosey.com Member - Mensa International © Jeremiah Josey www.JeremiahJosey.com
Business and Numbers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com A BUSINESS IS NUMBERS THE NUMBERS HAVE TO WORK
What are “The Numbers”? ,[object Object],[object Object],[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com = Income left over after taking away the expenses PROFIT
Business and Profits ,[object Object],© Jeremiah Josey www.JeremiahJosey.com
Poor Business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com
Hamburgers Anyone? ,[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com
So, Consulting and Business? ,[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com ,[object Object],[object Object],[object Object],[object Object]
Commodity Consulting – Trading Hours for Money ,[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com PROFIT = SELL RATE x SOLD HOURS – HIRE RATE x TOTAL HOURS – OVER HEADS
The Equation ,[object Object],[object Object],[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com
The Result – A “Galaxy Chart” © Jeremiah Josey www.JeremiahJosey.com
Interpreting the Result ,[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com
Examples – Poor Business ,[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com Lower the rates to get more work, but still losing money
Examples – Good Business ,[object Object],© Jeremiah Josey www.JeremiahJosey.com … to here, being profitable, and working less. … here, working really hard and going broke…
In Practical Terms ,[object Object],[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com
The Equation © Jeremiah Josey www.JeremiahJosey.com % L ABOUR MARGIN = 1 - % UTILISATION * (1 - % O VERHEADS - % P ROFIT ) ,[object Object],[object Object],[object Object],[object Object]
In The Final Analysis ,[object Object],[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com
Improving ,[object Object],© Jeremiah Josey www.JeremiahJosey.com Overheads Utilisation Focus is best when it is applied to one thing at a time Spend time on one of these items each week and then move to the next Each stage on the cycle calls on different skills and tools
Typical Components of a Sell Rate © Jeremiah Josey www.JeremiahJosey.com 10% for Profit 15% for Utilisation Provision 7% for Non-Labour Office Overheads 13% for Corporate Overheads 3% for Payroll Tax + Insurance 4% for Leave Provision Hire Costs per Hour (Annual Salary + pension divided by 2080 or direct hourly cost) Makes it complicated trying to track all of these variables
Another Way - The “Multiplier” © Jeremiah Josey www.JeremiahJosey.com ,[object Object],[object Object],[object Object]
“ Galaxy Chart” Using Multiplier © Jeremiah Josey www.JeremiahJosey.com
Benefits of Using Galaxy Charts ,[object Object],[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com
Discussion Time ,[object Object],[object Object],[object Object],© Jeremiah Josey www.JeremiahJosey.com

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Managing a Business that Sells Only Hours

  • 1. How to Make Money When Selling Your Time A perspective on consulting in today's profit and cost conscious consulting market Presentation by Jeremiah Josey www.JeremiahJosey.com Member - Mensa International © Jeremiah Josey www.JeremiahJosey.com
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  • 10. The Result – A “Galaxy Chart” © Jeremiah Josey www.JeremiahJosey.com
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  • 18. Typical Components of a Sell Rate © Jeremiah Josey www.JeremiahJosey.com 10% for Profit 15% for Utilisation Provision 7% for Non-Labour Office Overheads 13% for Corporate Overheads 3% for Payroll Tax + Insurance 4% for Leave Provision Hire Costs per Hour (Annual Salary + pension divided by 2080 or direct hourly cost) Makes it complicated trying to track all of these variables
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  • 20. “ Galaxy Chart” Using Multiplier © Jeremiah Josey www.JeremiahJosey.com
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