If you haven’t had the chance – read (Part 1) regarding top tactics service companies use to increase profits. This article is intended to address these common issues using negotiation tactics to ensure profits stay reasonable. I won’t ever ask you to work for free, but you sure as hell shouldn’t be driving a Lamborghini to work!
Does a supplier having a profit margin in excess of 35+% seem unthinkable? Well it happens. I’ve seen it consistently over the past 10+ years. Here are some of the most common ways service based organizations (who bill/invoice by time and materials) can increase their profits. Simple as they may be, suppliers still leverage them in 2019. Some tricks are just too easy to get away with if no one is looking in the right places!
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Ever struggled with having enough information on a rate to negotiate with – no time or money for a single rate benchmark? Maybe you need a quick analysis to make sure a new supplier is aligned with your other preferred suppliers. What about needing to know the profit margin for each position on a rate card? Maybe you want to improve your Algebra/Excel skills – continuous learning plan anyone? Whatever the driver is, information is power. I’m going to show you in five minutes how you to figure out the breakdown of an hourly rate. It’s only three steps and you’ll look as smart as a Nuclear Physicist!
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