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Technology consulting for dummies and geniuses derrisboomer

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Information about Technology consulting for dummies and geniuses derrisboomer

Published on January 10, 2013

Author: derrisboomer

Source: slideshare.net

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Helpful overview of Technology Consulting best practices and information.
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Technology Consulting for Dummies & Geniuses Presented by Derris Boomer Boomer Technology Group, LLC. www.boomertechnologygroup.comBoomer Technology Group, LLC.

Agenda•  Selling hard & soft skills (Expertise)•  3 Tiers of Consulting•  W-2 vs. 1099 vs. Corp-To-Corp•  Taxes, Insurance, Savings, IRA’s, Overhead•  Business Plan•  Negotiations and Contracts•  Best Practices & Future GrowthBoomer Technology Group, LLC.

What is I.T. Consulting?   Information technology consulting (also called IT Consulting, Computer consultancy, Computing consultancy, Technology Consulting business and technology services or IT advisory) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives.   In addition to providing advice, IT consultancies often estimate, manage, implement, deploy, and administer IT systems on businesses behalf, known as Outsourcing.Boomer Technology Group, LLC.

Selling hard & soft skills   Do you have a skill set that can be sold quite easily?   Are you a subject matter expert (SME) in something?   How many years of experience do you have?   Do you have industry experience from multiple companies?   Have you acquired training for a specialty software or hardware technology? Is it in high demand?   Are you organized and personable?   Can you handle high stressful situations?Boomer Technology Group, LLC.

Selling hard & soft skills   Business Process   .NET Developer Expertise   Database Admin   SME in a specialty Business Process   Network Architect   College Degree   Software Trainer   Industry or Business   Business Analyst Expert   Project Manager   Certifications   CIO   Real-Life Experience   Sales Manager   Specialized Training   Customer Service Rep.Boomer Technology Group, LLC.

3 Tiers of Consulting   Level One (Independent Contractor Setup)   Direct B2B contract with client. Sells direct Services and/or Products. (Corp-To-Corp)   Level Two (Independent Sub-Contractor Setup)   Sub-Contracts through other company which has direct contract with client. (Corp-To-Corp or 1099)   Level Three (Common-Law Employee Setup)   Works directly for company that sells direct services and/or Products to client. Full benefits. (W-2)Boomer Technology Group, LLC.

Management Consulting Firm   Accenture   Booz Allen, &Hamilton   KPMG   AT Kearney   PWC   LEK   Deloitte Touche Tohmatsu   Monitor Group   Bain & Co.   CapGemini   McKinsey Co.   Oliver Wyman Group   Booz & Co.   Kurt Salmon   Boston Consulting Group   Navigant Consulting   Keane   Roland BergerBoomer Technology Group, LLC.

Management Consulting Salaries   Research Associate (No Bachelors) $40,000-80,000   First Year Analyst (bachelors degree) $55,000-80,000 (plus bonus of $5,000-$10,000)   Second Year Analyst: (bachelors degree) $60,000-120,000 (plus bonus of $10,000-20,000)   Management Consultant (MBA) $80,000 - 170,000   Senior Consultant (MBA + 2-5 years) $280,000   Junior Partner (MBA/Ph.D + 5 years or more) $450,000   Senior Partner (MBA/Ph.D + 5-20 years) $600,000 (bonus: up to $3,000,000+)Boomer Technology Group, LLC.

Technology Consulting Firms   IBM   Infosys   Oracle   Tata Consultancy   SAP   Wipro Technologies   HP   Capgemini   Microsoft   CSC   Cisco   SAIC   AT&T   Siemens IT Solutions   Dell Perot Systems   Cognizant   Apple   Hitachi Consulting   Google   Unisys   Amazon   Celerant   Intel   EDSBoomer Technology Group, LLC.

I.T. Consulting Salaries   Entry Level (No Bachelors Yes Certification) $30,000-80,000   2 – 3 Years Experience (Bachelors degree Certification) $55,000-80,000   3 – 5 Years Experience (Bachelors degree Certification) $60,000-120,000   5 – 8 Years Experience (MBA) $80,000 - 170,000   10+ Years Experience (MBA + 2-5 years) $120,000 - $280,000+Boomer Technology Group, LLC.

Required Consulting Skills   People skills: High   Creative ability: High   Sales skills: Medium   Initiative: Medium   Communication skills:   Computer skills: Medium High   Work hours: 50-90/week   Analytical skills: Extremely High   FinancialAccounting skills: High   Ability to synthesize: High   Mobility: High (Willing travel 50% - 80%)Boomer Technology Group, LLC.

Entrepreneurship Skills   Communication Skills =   Initiative = Very High High   Optimism = Very High   Flexibility and Adaptability = High   Self-Confidence = Very High   Energy Level = Very High   Tolerance of Ambiguity =   Need for Achievement = Very High Very High   Total Commitment = Very   Work Ethic = Very High High   Honesty and Integrity =   FinancialAccounting Very High skills: HighBoomer Technology Group, LLC.

W-2 vs. 1099 vs. C2C   C2C means you are NOT an employee and you must pay your own personal and business taxes. Benefits & Retirement funding are paid out of pocket.   1099 means you are NOT an employee and you must pay your own personal and business taxes. Benefits & Retirement funding are paid out of pocket.   W-2 means you are an employee and the company takes out taxes and offers you benefits at a reduced cost.Boomer Technology Group, LLC.

Contractor vs. Employee   W-9 (Taxpayer   W-4 (Employee’s Identification Number & Withholding Allowance Certification) Certificate)   1099-MISC ($600.00+)   W-2 (Wage and Tax Statement - FUTA Tax,   Schedule SE (Self- Social Security & Medicare Employment Tax for Social taxes) Security & Medicare Tax)   State & Local Taxes   941/944 (Employer’s Quarterly Federal Tax   International Taxes & Return) TariffsBoomer Technology Group, LLC.

Taxes, Insurance, Savings, IRA’s, Overhead   Tax obligations: (GET A CPA!!)   Insurance obligations: (CGL) Comprehensive General Liability Insurance. HealthDentalVisionLife Insurance. (GET AN AGENT).   Surety Bonding requirements: (GET AN AGENT).   Savings and IRA’s requirements: (GET A FINANCIAL TEAM)   Overhead Costs and Cash Flow: (GET A CPA OR BOOKEEPER)   Contracts & Legal Matters: (GET A LAWYER)   Permits, Licenses, Accreditations: (REVIEW LOCAL & FEDERAL REQUIREMENTS)Boomer Technology Group, LLC.

Business Plan vs. Strategic Plan   Yes – you need one. How can you build anything in life without a proper plan to follow in writing.   A business plan is NOT a planning document and does NOT take the place of a strategic plan for your business.   Marketing Strategy Plan   Financial Strategy Plan   Growth Strategy Plan   Exit Strategy PlanBoomer Technology Group, LLC.

Negotiations and Contracts   Request for Proposal (RFP)   Terminology   Net 30 vs. Net 90   Statement of Work (SOW)   Disclaimers Warranties   Service Contract   Damages & Liability   Product Contract   Indemnification   Arbitration   Bid Contract   Authorized Signature   Non-Disclosure Contract   Authorized Agent   Default Terms   Do Not Compete Clause   Intellectual Property   Copyright & TrademarkBoomer Technology Group, LLC.

Best Practices and Future Growth   The client is always right. (99.99% of the time)   Never say NO. Say Maybe depending on research.   Work smart. Concentrate on your CORE COMPETENCIES.   Outsource menial work to save time.   Watch your MARGINS. Cut UN-PROFFITABLE clients.   Work smart not hard. Control your finances.   Do it for the LOVE and not for the MONEY.   Life is short so why waste time not doing what you love.   It takes MONEY to make MONEY! (Be frugal but not cheap).   Invest in your business in a professional manner.Boomer Technology Group, LLC.

Best Practices and Future Growth   Employment of software developers is projected to grow 30 percent from 2010 to 2020.   Employment of network and computer systems administrators is expected to grow 28 percent from 2010 to 2020.   Employment of information security analysts, web developers, and computer network architects is projected to grow 22 percent from 2010 to 2020.   Employment of database administrators is projected to grow 31 percent from 2010 to 2020.   Employment of computer systems analysts is expected to grow 22 percent from 2010 to 2020.   Employment of computer support specialists is expected to grow 18 percent from 2010 to 2020.   Employment of computer programmers is expected to increase 12 percent from 2010 to 2020.   Employment of computer and information research scientists is expected to grow by 19 percent from 2010 to 2020.Boomer Technology Group, LLC.

References   www.computingcareers.acm.org   www.careers-in-business.com/consulting/mc.htm   www.informationweek.com   www.irs.gov   www.isquare.com/faq.cfm   www.bls.gov/ooh   www.onetcenter.org   www.census.gov/eos/www/naics   www.census.gov/econ/index.htmlBoomer Technology Group, LLC.

Questions & Answers   At this time please ask ANY questions you may have on this presentation.   If you have an extensive question please speak to me after the presentation.   Please be sure to TWEET your comments, likes or dislikes about this presentation now. My twitter name is @derrisboomerBoomer Technology Group, LLC.

Thank you for your attendance! Boomer Technology Group would like to thank you for your participation in this seminar. Contact: Derris Boomer - 732.809.8830 E-Mail: derrisboomer@boomertechnologygroup.com www.boomertechnologygroup.comBoomer Technology Group, LLC.

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