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WHO’S CHARGING WHAT, AND HOW DO THEY DECIDE? Zweig Group’s 2015 Fee & Billing Survey of Architectural, Engineering, Planning, and Envi- ronmental Consulting Firms confirms that there is a relentless march to- ward commoditization taking place within the A/E/P and environmental consulting industry. Among other indicators, the Survey finds that billing rates have dropped or remained flat in several positions from 2014 to 2015 – including posts such as senior architect, senior structural engi- neer and senior interior designer. Year-over-year billing rate drops never spell good news – firms want to command the highest fee possible and be reimbursed promptly for the work they perform. The purpose of the annual Fee & Billing Survey is to gather, analyze, and publish information on the fee and billing practices of consulting engineering, architecture, planning, and environmental consulting firms. The 2015 Survey sample represents a diverse cross-section of 193 firms in the design and environmental consulting industry. The process for the 2015 Survey began in March, with an online survey questionnaire that required participants to answer questions about their firms’ billing rates, fee structures, staff chargeability, and billing practices. It was designed to be completed by the president, CEO, CFO, or person with the highest responsibility in the fee and billing division of the firm. Today, triumphing over the competition requires more than an impressive list of similar projects and eloquent value proposition. Firms’ fees now take a prominent position as deal makers – or breakers. In addition, cash-flow from billing is the fuel of the business engine. When that stream is cut off or constricted, the firm’s financial health is compromised. Are some firms marching in that direction? Zweig Group’s 2015 Fee & Billing Survey , the 17th iteration of the

publication, raises questions about fee pressure. The information collected therein will help guide some of the most important decisions readers make on a weekly and even daily basis. Data within the Survey reflects several shifts. For example: More firms are starting projects without a signed contract in place – leaving the firms vulnerable. Some results indicate good policies have been implemented – even if they are reactionary. To speed up accounts receivable, more firms now accept electronic payments, require project managers to assist in the collections effort, and charge interest on late payments. To get a fuller perspective, leadership is consulting the marketing staff when setting fees. In addition to key benchmarks and statistics of best practices, the 2015 Fee & Billing Survey provides a comprehensive breakdown on the rate structures for the projects firms design and work on. Establishing professional fees and billing for the services rendered are significant and strategic activities of the business. Anyone that touches estimates, proposals, and invoices should not just thumb through the Survey ; they should read it thoroughly, bearing in mind the considerable influence this information could have on their firms’ bottom line. The 2015 Fee & Billing Survey will be released soon and is currently available at a special preorder rate at zweiggroup.com/surveys. Survey participants are also eligible for additional discounts on any Zweig Group publications. For more information, email info@zweiggroup.com.

ORGANIZATIONS , from page 9

GET READY TO START CONNECTING

Civic leadership. As an individual businessperson, you may not have the time or resources to sponsor a chari- table event, partner with an educational institution, or otherwise participate in community activities. But if your profes- sional organization is active in civic and philanthropic ventures, you can become involved in many worthwhile projects. Associations contribute to their commu- nities in a variety of ways, from provid- ing scholarships and hosting career days for students to supporting important charitable causes. Recruiting. Talent management and acquisition is a hot topic and building a talent pipeline is important. Joining an association can aid in your search. Benefit your business. Joining a pro- fessional organization is beneficial for your own professional development and the future of your business. The connec- tions you’ll make, the resources made available to you, and the ideas and advice you’ll discover represent an outstanding return on what amounts to a modest, manageable investment of time, money, and effort. It could turn out to be one of the best things you could do for yourself and your business.

Once you amp up your networking game, join more professional organizations, and meet new people, those contacts are going to seek you out on social media. One of the most popular platforms for digital networking is LinkedIn. Here are six easy ways to make sure your LinkedIn profile is at its best when your new connections start clicking: Step 1: Make a good first impression. Don’t forego the profile picture; doing so makes your profile 11 times less searchable, and therefore it’s 11 times less likely that your contacts will find you. Your LinkedIn profile picture should be a simple, professional photograph – no selfies. Be sure to also update your contact information and include a headline with information about how you can help potential connections. Step 2: Engage your connections with targeted updates. Post content to LinkedIn that you think will help your followers become more successful professionals, and you’ll be more likely to convert them into loyal viewers. Step 3: Tweak your summary. Your LinkedIn summary should be keyword rich and written in first-person. It should also include your main contact information and any relevant media links. Step 4: Revamp your experience. Keep your experience section up-to-date – it’s basically an online resume. You can also add media and links to your job description sections and showcase the recommendations you’ve received for particular positions. Step 5: Include some projects you’re proud of. Adding compelling projects to your profile can demonstrate experience relevant to your professional goals. Add links to show-off even more! Step 6: Highlight your awards, skills, endorsements, and groups. There are literally millions of LinkedIn groups to choose from, making it an easy platform for online networking. Source: FastCompany.com

THE ZWEIG LETTER SEPTEMBER 28, 2015, ISSUE 1121

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