Technology consulting for dummies and geniuses derrisboomer

Technology Consulting for Dummies &

Geniuses Presented by Derris Boomer

Boomer Technology Group, LLC. www.boomertechnologygroup.com

Boomer 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 Growth

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.


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?


Selling hard & soft skills   Business Process

Expertise

  SME in a specialty Business Process

  College Degree

  Industry or Business Expert

  Certifications

  Real-Life Experience

  Specialized Training

  .NET Developer

  Database Admin

  Network Architect

  Software Trainer

  Business Analyst

  Project Manager

  CIO

  Sales Manager

  Customer Service Rep.


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)


Management Consulting Firm   Accenture

  KPMG

  PWC

  Deloitte Touche Tohmatsu

  Bain & Co.

  McKinsey Co.

  Booz & Co.

  Boston Consulting Group

  Keane

  Booz Allen, &Hamilton

  AT Kearney

  LEK

  Monitor Group

  CapGemini

  Oliver Wyman Group

  Kurt Salmon

  Navigant Consulting

  Roland Berger


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+)


Technology Consulting Firms

  IBM

  Oracle

  SAP

  HP

  Microsoft

  Cisco

  AT&T

  Dell Perot Systems

  Apple

  Google

  Amazon

  Intel

  Infosys

  Tata Consultancy

  Wipro Technologies

  Capgemini

  CSC

  SAIC

  Siemens IT Solutions

  Cognizant

  Hitachi Consulting

  Unisys

  Celerant

  EDS


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+


Required Consulting Skills   People skills: High

  Sales skills: Medium

  Communication skills: High

  Analytical skills: Extremely High

  Ability to synthesize: High

  Creative ability: High

  Initiative: Medium

  Computer skills: Medium

  Work hours: 50-90/week

  Financial\Accounting skills: High

  Mobility: High (Willing travel 50% - 80%)


Entrepreneurship Skills   Communication Skills =

High

  Flexibility and Adaptability = High

  Energy Level = Very High

  Need for Achievement = Very High

  Work Ethic = Very High

  Honesty and Integrity = Very High

  Initiative = Very High

  Optimism = Very High

  Self-Confidence = Very High

  Tolerance of Ambiguity = Very High

  Total Commitment = Very High

  Financial\Accounting skills: High


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.


Contractor vs. Employee   W-9 (Taxpayer

Identification Number & Certification)

  1099-MISC ($600.00+)

  Schedule SE (Self-Employment Tax for Social Security & Medicare Tax)

  941/944 (Employer’s Quarterly Federal Tax Return)

  W-4 (Employee’s Withholding Allowance Certificate)

  W-2 (Wage and Tax Statement - FUTA Tax, Social Security & Medicare taxes)

  State & Local Taxes

  International Taxes & Tariffs


Taxes, Insurance, Savings, IRA’s, Overhead

  Tax obligations: (GET A CPA!!)

  Insurance obligations: (CGL) Comprehensive General Liability Insurance. Health\Dental\Vision\Life 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)


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 Plan


Negotiations and Contracts   Request for Proposal (RFP)

  Statement of Work (SOW)

  Service Contract

  Product Contract

  Bid Contract

  Non-Disclosure Contract

  Do Not Compete Clause

  Copyright & Trademark

  Terminology   Net 30 vs. Net 90

  Disclaimers \ Warranties

  Damages & Liability

  Indemnification

  Arbitration

  Authorized Signature

  Authorized Agent

  Default Terms

  Intellectual Property


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.


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.


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.html


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 @derrisboomer


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: [email protected]

www.boomertechnologygroup.com


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Technology consulting for dummies and geniuses derrisboomer