Here I'll introduce you to the worksheet and how it works.

Utilization is calculated based on the total working hours in a year.  Here I show you how to calculate Total Working Hours and how you can adjust that calculation based on your own norms and policies.

In the real world, it's unusual for a consultant to be 100% billable at their full bill rate.  Here we look at reduced utilization levels at an average bill rate that better reflects the ups and downs of a typical consultant's billings.

Here we look at what profitability looks like--specifically, Gross Margin--when a consultant's utilization is 100%.

Here we look at a basic Time Sheet template (available for download) and what--at a minimum--you should be tracking and how often.

These days, most consultants track their time online using a cloud-based tool.  Here I demonstrate Zoho Projects, the platform my team uses to create project plans and track time against project tasks.

Here I look at considerations for deciding when it makes sense to staff your internal needs (e.g., bookkeeping, admin, marketing), applying the utilization concept we discussed earlier.

Here I look at ad hoc needs--such as transcription services--which come up randomly as you do your work.

Here I bring back the funnel-shaped warning track graphic from the budgeting courses and use it to introduce the idea of creating a conservative and optimistic sales target for the year.

To avoid getting overly-optimistic in your sales projections, it's best to start off by looking at your sales history and your year-over-year growth.  If you've been growing by 20% each year for the last three years, assuming that same kind of growth this year is a good baseline assumption.

Once you have a baseline sales projection based on your historical trend, you need to adjust that based on what you expect to happen this year with the economy, the industries you serve, and the clients you serve.  Gather some data and interpret it as a conservatively as you can.  Generally, entrepreneurs tend to be overly-optimistic.

Finally, adjust your sales targets to reflect the impact that you think your sales and marketing strategies will have next year.  For example, you might be planning to do some advertising, content marketing, or social media campaigns or maybe you're going to hire a salesperson or two or maybe you're going to upgrade your website and sales collateral.  Those are all investments you're going to make, presumably to drive sales higher.  Try to put a number to it.  How much of an impact will those efforts have on sales, and how soon?

Here I describe how you can apply what you've learned to your own business, setting targets for your practice's sales and utilization.

Here's a look at the other courses available in the Pricing Your Services series.  Thank you for completing this course.  I hope to see you again soon.