Contracts and Finance

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Consulting Rates: How to Determine My Bill Rate

By MBO Partners

How do you calculate your consulting rate?  It’s a question most W2 employees ask themselves when they want to become a consultant. How can you maximize today and prepare for a profitable consulting business? 1. Evaluate Your Bill Rate When’s the last time you evaluated your pricing strategy? Have your bill rates remained steady for…

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How to Bill and Invoice Clients: 10 Steps to Get Paid on Time

By MBO Partners

10 simple steps to billing a client to ensure you get paid on time.

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How to Save Money by Going Green

By MBO Partners

It’s an unfortunate truth that many environmentally friendly products and services cost more than their less-green counterparts. But going green doesn’t always mean you have to spend more. In fact, independent contractors can actually save a surprising amount of money by adopting a green attitude towards daily business tasks. We’ve compiled a list of five quick…

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Tax Reform and Independent Contractors

By MBO Partners

</ifram The U.S. Tax Cuts and Jobs Act, passed at the end of 2017, is the biggest overhaul of the U.S. tax code in more than 20 years. If you’re currently working as an independent professional, here are three things you should know about the new law. 1. Section 199A Section 199A is a new…

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Write an RFP that Wins Clients: 10 Steps

By MBO Partners

As an independent professional, prospective clients will often ask you for a proposal or a Request for Proposal (RFP)—a more formal document where you propose a solution to the client’s problem or business need. RFPs will also include information about your business such as details about your services, methodology, and estimated costs. Proposals are a great…

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How to Write a Consulting Contract: 6 Best Practices

By MBO Partners

As an independent professional, contracts are an important part of your business. Not only are they important to define your work agreement, but they also provide protection to clients and help them avoid misclassification. Contract negotiation can be a difficult obstacle to beginning a new project, but establishing a legal framework will help protect you in…

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Bill Rate vs Pay Rate: What’s the Difference?

By MBO Partners

Bill rate and pay rate are easy terms to confuse—they both factor into the decision of how much you should charge for your services as an independent contractor. When negotiating with a client at the start of a project, make sure you are clear on your rates, and if you are discussing dollars in terms of…

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Top 5 Contract Mistakes to Avoid

By MBO Partners

Contracts are an important part of starting a new project. They provide legal protection, detail services to be performed, and include payment terms and conditions. If you’re new to the process, you may find that drafting a contract is a fairly complicated task, requiring specific key terms, provisions, legal obligations, and ultimately, client agreement. As a…

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Financial Advisors Independent Contractors Need

By MBO Partners

Being self-employed means you need to be a lot of things: CEO, new business developer, project manager, collection agent, and more. When independents can balance it all, they can have it all: good clients, a solid rate, a strong and steady pipeline of projects. This is what makes these independents rock stars. However, due to lack…

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