Budgeting for consulting projects should be part of the upfront planning. It is important to specify a budget amount or range in the agreement. This will help you judge which proposals offer the best value per dollar.
Budgeting usually means breaking down the project into components or tasks and providing financial estimates for each component. You can consider costs related to internal staff, consultants, travel, communications, printing and photocopying, supplies and equipment, meetings, seminars, and events:
• Consider costs of previous or similar consulting work.
• Consider the trade-off between consulting experience/quality and budget.
• Earmark about 25 percent for data collection and use the remainder of ...
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