Technology consulting for dummies and geniuses derrisboomer
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Transcript of 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
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
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
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.
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
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
Boomer 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
Oracle
SAP
HP
Microsoft
Cisco
AT&T
Dell Perot Systems
Apple
Amazon
Intel
Infosys
Tata Consultancy
Wipro Technologies
Capgemini
CSC
SAIC
Siemens IT Solutions
Cognizant
Hitachi Consulting
Unisys
Celerant
EDS
Boomer 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
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%)
Boomer Technology Group, LLC.
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
Boomer 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
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.
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)
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 Plan
Boomer Technology Group, LLC.
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
Boomer 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.html
Boomer 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 @derrisboomer
Boomer 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: [email protected]
www.boomertechnologygroup.com
Boomer Technology Group, LLC.