There are several options for Savvy Analytics financial arrangements, including hourly rates, per-project fees and working on a retainer basis. Let's examine each one.
Often, we calculate a project cost based on the number of hours we expect to spend on it. However, there are often unexpected contingencies
When working on a project rate basis, a consultant normally gets a fixed amount of money for a predetermined period of time or scope of work. It can be a little tricky to determine a project fee, there are often unexpected contingencies. Nonetheless, this is our preferred method of payment for certain types of projects.
Working on a retainer basis requires a set monthly fee for which we agree to be available for work for an agreed-on number of hours for the client. This kind of fee arrangement is common for providers of ongoing services. Most companies that hire a consultant on a retainer basis have a clause in their contract that prohibits them from working for the competition.
Savvy Analytics offers a percentage reduction in fees if a client agrees to pay a monthly retainer fee.
It's common for consultants to have some type of bonus option in their client contract or letter of agreement. Normally, the average bonus is 15 to 20 percent of the funds saved for the client or obtained for the organization as a result of the services provided.