run the calculator<\/a> and find out what your actual effective rate is–and then compare. Let\u2019s say you do this and your effective rate is closer to $65 per hour. And let\u2019s say you have just two employees. Quick math: working 47 weeks out of the year at 40 hours per week gives you 1,880 hours per employee. Two employees equals 3,760 hours. If you can make changes to get your effective rate up from $65 to where it should be at $75 per hour, you would gain $37,600 per year. However, I\u2019m willing to bet that in most cases, when you run the calculator, you\u2019ll find an even lower effective rate. And be honest, do you really only work 40 hours on average per week? When you adjust those values up your effective rate will drop further and the differential between your target and your reality deepens. And if you have more than two employees, there is all the more to gain by fixing this problem. <\/p>\nOften firms wait too long to get help. And as in medicine, early detection always results in the best outcomes. Unfortunately, by the time some firms starts experiencing obvious symptoms of low profitability, their condition may be too late to fix. <\/p>\n","protected":false},"excerpt":{"rendered":"
How do you know if it\u2019s time to hire a business consultant? Consultants are typically an expensive investment. How do you know when you need to make it? As a consultant, and as someone who has hired consultants, I think just about any design firm would benefit by hiring a consultant with experience in their […]\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8,4],"tags":[],"_links":{"self":[{"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/posts\/660"}],"collection":[{"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/comments?post=660"}],"version-history":[{"count":0,"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/posts\/660\/revisions"}],"wp:attachment":[{"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/media?parent=660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/categories?post=660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rewardingtoil.com\/wp-json\/wp\/v2\/tags?post=660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}