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Technology Consulting for Dummies and Geniuses!

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Technology Consulting for Dummies and Geniuses!

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Technology Consulting for Dummies and Geniuses!

  1. 1. TECHNOLOGY CONSULTING FOR DUMMIES & GENIUSES Presented by Derris Boomer Boomer Technology Group, LLC. www.boomertechnologygroup.com Boomer Technology Group, LLC.
  2. 2. Agenda Boomer Technology Group, LLC.  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
  3. 3. 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.
  4. 4. 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.
  5. 5. 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. Boomer Technology Group, LLC.
  6. 6. 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.
  7. 7. Management Consulting Firm • Accenture • KPMG • PWC • Deloitte • Ernst & Young • 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 Boomer Technology Group, LLC.
  8. 8. 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.
  9. 9. 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 Boomer Technology Group, LLC.
  10. 10. 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.
  11. 11. 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 • FinancialAccounting skills: High • Mobility: High (Willing travel 50+% - 80+%) Boomer Technology Group, LLC.
  12. 12. 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 • FinancialAccounting skills: High Boomer Technology Group, LLC.
  13. 13. 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.
  14. 14. 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 Boomer Technology Group, LLC.
  15. 15. 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.
  16. 16. 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 Boomer Technology Group, LLC.
  17. 17. Negotiations and Contracts • Request for Proposal (RFP) • Request for Bid (RFB) • Statement of Work (SOW) • Service Contract • Product Contract • Bid Contract • Non-Disclosure Contract • Non-Disclosure Agreement • 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 Boomer Technology Group, LLC.
  18. 18. 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.
  19. 19. 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.
  20. 20. 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 Boomer Technology Group, LLC.
  21. 21. 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 Boomer Technology Group, LLC.
  22. 22. Thank you for your attendance! Boomer Technology Group would like to thank you for your participation in this seminar. Contact: Derris Boomer - 732.800.2058 E-Mail: derrisboomer@boomertechnologygroup.com www.boomertechnologygroup.com Boomer Technology Group, LLC.

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