Contracts and Finance

chart and pen

SOW Template (Scope of Work) for Project Management

By MBO Partners

Learn the critical components to creating a Scope of Work (SOW) document to properly plan and manage your projects.

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How and When to Raise Your Rates for Consulting

By MBO Partners

Are you at are at a point in your career where you have years of experience, produce high-quality work that is backed by client recommendations, and provide services that are in demand? If so, it may be time to consider raising your rates. Clients are looking for a trustworthy, knowledgeable, and reliable independent professional who can…

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4 Ways to Get Your Small Business Ready For Tax Season

By MBO Partners

In response to COVID-19 (coronavirus), the 2019 income tax filing and payment deadlines for all taxpayers who typically pay their Federal income taxes on April 15, 2020 have been extended until July 15 of this year. This tax filing and payment relief also extends to estimated tax payments for 2020 that would typically be due…

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busy consultants

How to Claim a Mileage Tax Deduction in 2020

By MBO Partners

Beyond the daily hustle and bustle of grocery store trips and errand runs, many independent consultants depend on their car as a means to get from project to project, or client to client. When the family van becomes the corporate car, it’s time to take advantage of deductions for business-related mileage. Here’s what you need…

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What to Include in a Project SOW

By MBO Partners

Being tasked with writing and delivering a Scope of Work (SOW) can at first seem like a daunting task. However, once you understand what goes into the various parts of the document, it becomes much more manageable and can be a useful tool to help you get organized before a project begins. A project Scope…

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How to Avoid a Tax Audit: Tips for Small Business Owners

By MBO Partners

Independent professionals have additional tax responsibilities above and beyond those of conventional employees. With extra forms and numerous potential deductions, it can be easy to overlook small details or miscalculate. While there’s no way to completely protect yourself from the dreaded tax audit, you can reduce your odds of being singled out by eliminating poor…

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Overcoming the Top Consulting Challenges

By MBO Partners

Working as an independent consultant and being your own boss offer a number of benefits including setting your own hours, determining your specialties, and choosing your clients. However, independent consulting is not without its challenges. In MBO’s State of Independence report, we surveyed independent consultants to learn about their experiences, goals, and difficulties. Here, we…

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consultant contract and pen

Project Scope Templates: Writing a Project Scope of Work

By MBO Partners

What is a Scope of Work? Before starting a new project, independent professionals are often asked to prepare a Scope of Work (SOW) document that outlines the terms of their project and details items like payment terms, roles and responsibilities, and a timeline for work. This is a straightforward document, but if you’re compiling one for…

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Verbal Contracts: 4 Best Practices

By MBO Partners

Entering into a verbal contract with clients is a common practice among independent professionals. Without the red tape and bureaucracy that can slow down larger businesses, independents enjoy the advantages of being flexible and agile in transactions and deals. However, while verbal contracts often simplify business, if things go sour they can end up complicating your relationship…

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Negotiating Contracts as an Small Business Owner: 5 Steps

By MBO Partners

In any business agreement, it is highly recommended to use a well-written contract. Contracts provide clarity, establish a relationship, and offer protection to all parties involved. For these reasons, many independent professionals wisely insist on using written contracts for every client project. In some cases, you may use your own contract, but clients will generally…

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