Published on January 10, 2013
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: firstname.lastname@example.org www.boomertechnologygroup.comBoomer Technology Group, LLC.
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