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Pricing strategies for professional firms The new financial year has not been easy to most. Professionals like CAs, lawyers, Engineers, consultants and others in the service sector are no exception. But can we wait for safe and secure world to emerge, to start evaluating options to meet the challenges of “New Normal”. It is time to rethink everything that will ensure speedy recovery and growth of the firms. The most important element in any firm’s

Prosper or Perish When people were getting familiar with some alphabets like V , L, U , W to describe the possible Post pandemic recovery of economy, there is new letter K on the scene with which everyone of us especially professionals like CAs, Lawyers, Engineers and consultants need to get familiarized. K letter for recovery tries to explain phenomenon which is already visible in the stock market, job market etc. The recovery will be

1.    Why time-tracking is essential? Service sector is essentially engaged in selling time of it’s employees, managers, partners, directors etc. to the customers. Time is valuable but perishable. Perishable because every minute or hour delivered by the firm to the customer, in the course of rendering a service, leaves no trace or evidence of the delivery / spending . The only way to capture the spending of time is to record the same. Unless the service provider

Service sector enterprises can be classified into: No record maintained of time spent on various assignments/ projects Some manual/spreadsheet record of time spent compiled periodically purely for billing Some project management software used which tracks time being spent on various assignments by various employees – mainly for payroll & billing purposes. When such entities move on to EFF Factor the main challenge is defining activities or tasks for different types of assignments/ projects or in other

EFF Factor smart practices – Part II This is a compilation of practices based on wisdom of experienced professionals / EFF Factor users from different fields. Use of estimate  Estimates should be used only when after conversion into project it is expected to be reused multiple times. Estimates may be used under following situations: If number of teams with specific employees as members are there to carry out a large number of standard job as